Posted by Brandon Treat on November 05, 2001 at 10:41:47:
In response to Tom’s post, I’m sure NTN is great and I’ve heard from more than one happy customer of theirs, but unless you can show you own the property clearly they will not approve you to be able to use the property for credit checks. I specifically have a house I am lease-optioning and wanted to use them for credit checks and they took my application and called one morning tellling me:
“OK everything checks out except for one slight detail, we’ll need to see that you own the house and for some reason our records indicate you are not the owner in county records” and I say “Oh well that’s because I’m lease/optioning it from the current owner, the fact that my name is not on the title is self-explanitory and since I have the documentation to back it up there shouldn’t be any problem” and the woman tells me “Oh well sorry we can’t help you unless you own it, maybe one day when you buy it you can come back and re-apply” She completely has no clue what I wanted and even though I tried explaining more in depth she didn’t seem to care.
So unless you get approved for using them on another property and are already a customer… Who can just run credit checks regardless of the property once “you’re in” then you may run into the same problems I did. I ended up having to pay a local mortgage broker to run the checks for me but believe me he charges quite a bit more than NTN…
Brandon Treat
Southern IL/St. Louis Investor