I am new here and need help. I have heard so many different things from "friends who know what they are doing" that I fear I have made a huge mistake.

My credit is not good, I got my credit report about 9 months ago and was able to fight one thing on it but, there is still a few bad things on it, plus, I haven't even financed a car in 10 years. There are 8 things negative still on my credit. None of which is over $400. I have made arrangements to pay 4 of them back but the others said it doesn't matter if I pay them or not it's been too long.

So, my best friend was selling his house and it wouldn't move. He offered to finance it for me for a year with no money down for his payoff on the house which is 86K on the grounds that I refinance the remainder of the mortage at the end of a year. The house appraised for 112,900. The payments are $700 which would leave the principle at about 83K after 12 payments.

All my friends who supposedly knew what they were talking about told me that my credit would be good enough in a year to refinance because of how much equity there is in the house. Now, I am hearing that may not be possible.

So the problem is, we have closed on the house, I am making mortgage payments to him and getting receipts and actually making them a few days early each month(my payday falls 5 days before the payment is due), but, I HAVE to refinance next September.

Do you think that I will be able to refinance?

Is there anything I can do?

Please help me figure this out.

dantimdad

So...let me see if I have this straight - you had a few minor issues with your credit score - so to fix this, you took on someone else's mortgage liabilities??

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