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Think You Can't Afford Your Own Home, Think Again!
By Sue and Chuck DeFiore, Fri Dec 9th
Do you have bad credit, no credit, filed a bankruptcy, have aton of late pays, medical bills, or been through a divorce?Well, we have the perfect solution for you - Lease Purchasingyour own home! What is Lease Purchasing? A Lease Purchase is a process that combines a basic rental leasewith an agreement to purchase, or with an option to purchase theproperty. The Buyer (or Lease-Purchaser) pays to the seller amonthly payment that usually approximates a rental amount or atypical payment on the home. A percentage of thatpayment is typically applied towards the purchase price. At theend of the term, the buyer has the right to purchase theproperty for the price and terms to which both parties havepreviously agreed.
Put another way, a lease purchase is essentially a rentalagreement combined with a purchase contract with pre-negotiatedterms. The buyer leases the property for a specific period oftime and then purchases the property before the end of the leaseagreement. Sales price, length of rental, rent credits, escrowinstructions, etc., are all contained in the agreement. A lease purchase is a wonderful way to control property withoutthe headaches of banks, mortgages, taxes or immediate loanqualifying. Lease Purchasing gives you the right to buy theproperty, but not the obligation to buy. Following are just some of the benefits of Lease Purchasing
Closing Document Problem
I signed the closing documents yesterday, brought to my home by the notary. but did not sign all of them because there was an error. I was the one who found the error. I had advised the closer to correct the error before the closing. they still send over the wrong documents.
it took several phone calls to resolve the problem. should i be able to ask for a discount on the closing costs for my inconvenience? i feel like everyone is making $$ off my loan and i am doing everyone's work for ...
buying a mobile home on a rented lot
Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it?
Who owns the home
My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte...
Inquiries to dissappear completely?
I have 5 inquiries that are due this month from different credit bureaus. Basically I will be inquiring free on Experian and about 3 inq on TU and EQFX. They will be 1 year old......according to USAA credit monitoring. Is this the right time or I will need to wait 1 more year for the inquiries to dissappear completely? Thanks for the answer
Letter of explanation
Please help. My underwriter wants a letter of explanation on a couple of late car payments from 2 years ago. The car loan was in my name but the car was my sisters? should I say that? Will they think I?m full of it? Anybody have similar experience?
File with underwriter
Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon.
Divorce
My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ...
Banks selling mortgages - Escow mess ups & raised Mort Incre
My Husband and I just went through a mortgage modification loan with a bank. We were andquot;forcedandquot; to not pay our mortgage for 2 months in order to qualify for the modification loan. We have always made our mortgage payments on time. We got the Mod. loan.
Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e...
Feedback on GFE
Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4.
Previous year tax returns
How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan?
forthe buyer. 1. Low down payment. 2. Qualification restrictions are not asgreat as in conventional financing. 3. Past credit problems arenot usually a road block. 4. The option consideration can befully credited to the purchase price. 5. Your rent money isworking for you. 6. Purchase price is usually locked-in ahead oftime. 7. Gives you sufficient time to check out all the featuresand faults of the house. 8. Time to check out the neighborhood.9. Puts you in legal control of a property for a specifiedperiod of time. 10. Time to shop for and obtain the bestfinancing. 11. Major maintenance and repairs are theresponsibility of the owner; you take care of nothing but minormaintenance. 12. Profits, in case appreciation occurs and youdecide to sell in the future. So, you ask, how do I lease purchase my own home? Drop by ourwebsite and check out, How To Live In Your Dream Home Today AndBuy It Tomorrow; Without Mortgages, Real Estate Agents OrCredit! Just click on the link below: http://www.homebusinesssolutions.com/products/lpbuyerman.htm We feel everyone deserves to own their own home, so why notstart looking for your dream home today! Copyright DeFiore Enterprises 2005
About the author:Interested in having your own successful, home based creativereal estate investing business? Chuck and Sue have been helping folks start successful homebased businesses for over 20 years, and we can help you too! Tosee how, visit http://www.homebusinesssolutions.com
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