Posted by Mark-NC on March 13, 2000 at 14:21:25:
Unless you are a member of the service you will not be able to report their payments. Unfortunatly there is a usually a monthly fee for doing this and it’s not cheap.
My best sugesstion would be for you and your tenant buyer to keep really good records of the payments made.
Make copies of their checks or keep your deposit slips from their payments. This way when it comes time for the option to be excersized you can present them to a good mortgage broker and they will either treat it as a refi or a new Mortgage. If they Go the Refi route It works best because they will not have to come up with any money out of their pocket. Be aware though Most refi’s will only get you an 80% LTV. So hopefully your property has increased in value enough over the period of the L/O to make this work.
The best thing your tenent buyer can do about their report is to work on it seperatly. A lot of people do not know how to clean up their report. You could give them the information to help them so when the times comes you will be ready to roll.