How do you report a foreclosure on an owner finance buyer?

Question

So on owner finance transactions, if a buyer stops paying and trashes the house and the note holder forecloses is there a way to file the foreclosure on the borrowers credit?

Account Closed · Answer

There are a lot of "depends" here.At purchase, if the closing was done through escrow and the Deed of Trust was recorded, and then during default an attorney was used and the defaut was recorded, it would typically be picked up from the county records and become part of the borrower's credit report. But, I've bought properties where the DOT did not show on the seller's credit report even though it was on the county records. Title found it and needed it to be paid off to clear title. Convincing the bank to provide a payoff was difficult, they had no record. Anyway, here is how to report evictions: https://datalinxllc.com/how-to...And to report to the bureaus for $30 use https://www.rentrecoveryservic...

Don Konipol · Answer

If you’re talking about an actual foreclosure, at least one of the credit bureaus will pick it up from the records if the county has online records. For very small counties that haven’t put their property records online the bureaus may not.

Chris Seveney · Answer

@Joe S.

Typically the servicing company reports it to credit but that is a question for them. If you are not using a servicing company then you would have to pay to report it so is it worth it

Regarding trashing the place you can file a police report for vandalism and file an insurance claim

Joe S. · Answer

It does not on owner finance transactions, unless it is through a Note Servicing company that reports to the credit bureaus. Most escrow companies do not report.

Eliott Elias · Answer

I believe it already does get report to the bureaus.

How do you report a foreclosure on an owner finance buyer?

How do you report a foreclosure on an owner finance buyer?

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