Property Disclosure Credit
Property Disclosure Credit
Why does my credit report show that I am on my sisters loan?
I asked this question last week and wanted to follow up on everyone on some details. I have taken a look at loan documents and I did sign a few things. Which was, GENERAL INFORMATION FOR BUYERS AND SELLERS OF REAL PROPERTY, MOLD ADVISOR and MOLD DISCLOSURE. All these other paperwork was only signed by my sister and nephew. I'm talking about around 50 signaturs they signed that I didn't. Please give me some feed back. I have already sent a letter out to TransUnion and Equifax (it does not show on my Experian) and also sent a letter to the lender. What do you guys think?
I also do not know why you would have been asked to sign anything. Did they pull your credit & get documentation from you? There is a missing link here. Follow up with the bureaus. They have to contact the lender with your dispute. They then have 30 days to prove that it is your account or it must be removed from the report. Keep all correspondence in case it shows up again.
Do you & your sister have an address in common in the last few years? They don't just use a ss# to verify things. An address, a previous account in both names, etc, can do strange things to a credit report. My credit report shows a previous address for me & I never lived there but my ex did. Reason: We had joint accounts & addresses in the past so there is a link. Sometimes you just can't get rid of an ex for anything!
Top Mistakes of Managing Your Own Rental Property
Managing your own rental property can be somewhat of a challenge especially if you don't know what mistakes are common and how to avoid them. But by avoiding these mistakes you will not only save yourself money, but you will also save yourself a whole lot of headaches.
While managing your own rental property is not something for the meek, here are some common mistakes that should be avoided at all costs:
•Not screening potential tenants: It is of utmost importance that you carefully screen each prospective tenant who wishes to rent your property. You should have each interested party fill out an application that includes things such as rental history, financial stability, credit, and even criminal background. The last thing you want to do is to take someone at their word that they are going to be a great tenant and then find out later that they don't have two nickels to rub together. Nothing will make you feel more foolish than knowing there was something you could have done to prevent a bad tenant from occupying your property. The key to enjoying the rental property business lies in good tenants and if you don't screen properly you may miss out and rent to some less than desirables.
•Not signing a lease: You never want to take anything for granted when it comes to renting your property. If you don't make the tenants sign a lease you will have a harder time getting them out should they default on the agreement. Whether you are renting month to month or a year at a time, make sure you get it in writing.
•Not giving Title X information: This one can cost you big, $10,000 in fact. According to the law, every tenant, new or renewing, must receive a pamphlet from you on the Lead Based Paint Disclosure Law if your house was built before 1978.
•Not having the property ready: Make sure that everything that needs to be done to your property such as painting or repairs are done before a new tenant moves in. Failure to do so will result in endless phone calls from the tenant and added headaches for you. Unless you have a written agreement with the tenant prior to them moving in, then it is imperative that all the work be completed before occupancy begins.
•Not maintaining the property: Another common mistake is not properly maintaining your property. It is easy to ignore little problems as they begin, but after enough time those little problems become big problems and cost big bucks to fix. It is better to find a company to perform routine maintenance such as clean the gutters and maintain the air conditioning unit so that problems arise on a less frequent basis. The cost of a maintenance program is nothing compared to a major problem that can arise if things are not taken care of from the get go.
While many rental property owners hire a company to manage their rental properties for them, it can be done yourself. Again, managing your own rental problem is a very challenging and difficult thing to do, but avoiding common mistakes can make your endeavor a bit easier.
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