I purchased my home under owner financed in Aug 2008, I have been paying the owner and my name is on the deed and on the property taxes. we were on contract for five years now she is wanting me to pay off the loan, I asked her to refinance me but she has denied it, and now wishes to reposes in 30 days. She has not reported any of my payments and I have a very low credit score since I have not used any sort of credit in 10 years therfor now showing that I have no credit according to the banks. Where to start??I live in Texas.

There are lenders out there that will allow for a refinance with no credit.. You would need to use FHA financing, and the lender will allow for "Alternative credit".. so, utility bills, auto insurance payments, cell phone, etc.. can all be used as a credit reference.. you need to find a lender that allows for this type of FHA "no credit score" financing.. however you said your score is low.. if you have no credit, then you would have no score.. if you have a low score tells me that you probably have some collections showing on your credit report.. so you probably have some challenges ahead of you.. First I would look at your original agreement with the seller.. look to see if there was a "Balloon Payment". the seller cannot just "call the note due" for no reason.. the absolute worst case scenario is you might have to sell your home. Foreclosure proceedings take months, and if the proceedings start before you can close on a refinance, then you will not get refinanced at all.. but if you cannot get financing and you have equity in your home, then you can sell the home and pay them off before the foreclosure takes place, you can at least capture your equity (if any).. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mr. Torres, Good afternoon. You do not have to have a credit score to refinance and as long as she would fill out a Verification of Mortgage Payment history form we could most likely do something. The caveats being that no credit is treated like a 620 credit score and we would need 2 more alternate tradelines like utilities and a cellphone bill besides the mortgage. Then you cannot have significant bad credit or lower credit scores than a 620 if it does pull a score for you. You can apply online or call to apply with a loan officer here. Brad Cahoone - NMLS ID: 184176 - Global Home Finance Inc. NMLS ID: 316441 - 972-724-3222 - info@globalhomefinance.com - http://globalhomefinance.com/apply.php

Sure wish I would have talked to you in 2008... I would have made sure you were on track to easily refinance today. Private parties can't report to the credit bureau. You signed a contract. The terms of the contract are up, and it is time for you to pay her off. If you are unable to pay her off, she has the complete right to take the home back. Now the good thing is that a few FHA lenders still allow for "non-traditional" credit. They take things you pay on a regular basis (like your utilities) to build a credit report... Contact a local licensed mortgage broker for assistance.

First of all she cannot repose your home if you have been making your payments - that would be illegal, and I would recommend that you gather the documentation to prove that you have made your payments on time. We have loans available with no credit scores, but you cannot have any collections reflected or it won't work. We would need alternate credit such as your electric, gas, water, television, phone, cell phone, insurance, etc. -- they would need to provide a "letter of credit" that reflects you have not been over 30 days late in the last 12 months - and we would need at least 3 along with proof that you have made your mortgage payments on time.Secondly, the fastest way to establish credit is to have someone you know and trust to authorize you to use their credit cards. Make sure they are low balances with high credit limits and no late payments, so that it will help you and not hurt. After you have at least 2 credit cards then you need to apply for a secured credit card in your name, and then you're going to need to use it and pay it off every month. Just make sure not to exceed 30% of the total limit. For example, if you have a $1,000 credit limit - then the balance should never exceed $300, and when the bill comes in you pay it off before it's due; so you would use it like cash. Please call me at 713-569-0025 should you wish to go into further details. I will be happy to assist you.Sincerely, Mary PapageorgeAMCAP Mortgage, Ltd.