Is this legal? - Posted by mike

import · August 17, 2002, 8:43pm

Posted by SteveG_Pa on August 17, 2002 at 22:12:04:

As far as I know its not illegal to not report something to the credit companies, lots of companies dont report.

import · August 17, 2002, 8:43pm

Posted by mike on August 17, 2002 at 20:43:57:

Hello,

I am currently negotiating on a property and am expecting another counter offer back. The property is owned by a mortgage lender outside of the United States. So far i have gotten them to eat about 40k on a bad mortage. My question is if I was to make a counter offer should they counter offer my last offer, I would like to counter with them financing the deal. Would it be legal to put in contract that the mortgage not be reported on my credit report? or is this illegal? I would like to keep it off my credit report for future loans.

Thanks,
Mike

import · August 18, 2002, 11:59am

Re: Is this legal? - Posted by Clair-MO

Posted by Clair-MO on August 18, 2002 at 11:59:02:

Mike, Why don’t you post your concerns on the legal section and let them give you an answer seems reasonable to me?

import · August 18, 2002, 9:26am

Re: Sure it’s legal - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on August 18, 2002 at 09:26:30:

But be aware of one thing and that is that you have nothing at all until you have a written contract that is accepted.

Credit reporting agencies are private businesses, and reporting to them is not required. It might help to let the seller know why you want this minor concession. If you can talk to a human, and get them to understand what you need and why, you might just get the job done. Good negotiating.