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Marcus Said:

I have a question regarding private mortgage loans?

We Answered:

That normally means you are charging 10% per year. Mortgage rates are normally quoted as annual rates. It's all good until a bankruptcy judge writes down the debtor's debt and you eat the difference.

Debra Said:

Is it possible to find a private mortgage loan with poor credit?

We Answered:

In today's environment you'll likely have to put up more than 20%. If you can afford to put 30% down, you'll certainly have a shot. Alternatively, you may be able to have a family member cosign or form a partnership to share ownership.

Ricardo Said:

How do I report a private mortgage loan to the credit bureaus?

We Answered:

They can use you as a reference if they need to get another mortgage. Usually the company will require cancelled checks or copies of money orders used to pay you. Receipts aren't allowed as much now due to fraud in producing them as proof. However, if your borrowers can locate most of the cancelled checks and you are just missing a couple of months, lenders might accept the receipts. Usually they want a 12 month history or more of current timely payments. It's tough to report to a credit bureau unless you meet their criteria, which can include being licensed in your state. However, it never hurts to ask the big three.