Financing in 45240>Question Details

Harve, Renter in 45240

Can a foreclosure, short sale and hud homes be turned into a rto, land contract or lease/ options?

Asked by Harve, 45240 Mon Sep 6, 2010

We are looking for a 3 br 1 ½ ba ranch or bi-level. We need parking for 3 cars. We need a nice kitchen or one that has great potential. It must allow pets (1 14 yr. old puppy and 2 parrots)

My credit scores are 556, 548 and 528. Liz's scores are 598, 583 and 584.

We also filed Chapter 13 bankruptcy. We had to start paying the full premium for our health insurance. That is $930 a month. They took out 3 months at one time. That was $2795. It wiped out our savings.

We quickly found that we had to choose between housing or our health. We chose our health. We can no longer afford to pay $1000 a month for housing.

Prior to that, we had made 114 on time mortgage payments. We had paid out $114,000. Up to that time, our record spoke for itself .

Do you have any loan programs that assist applicants with credit like ours?

We are looking for payments of $500-$800. We have $1000 for total out of pocket expenses.

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Good choice - health over house!

Unfortunately, too many people are facing those choices today. Please be aware that yours is not a unique situation. The problem, as you've already discerned, is how to get your family into a good home, in a good neighborhood that you can afford; and how to start working on getting your credit re-established.

A lease with an option to purchase might be the best option available to you at this point. With a good lease/option program combined with some professional credit counseling, there's a possibility you'll be in a position to buy a home again within a reasonably short period of time.

You didn't indicate what part of town you're interested in. Is school district an important issue for you?

We work with several investors who have lease/option homes available. There may be something that'll suit you. Also, it'd be good to know more about your situation - are you still in your old home? If so, is it headed to foreclosure and when? When do you need to be in a new home? A lot of my business is working with people to try to minimize the emotional and credit impact of losing a long-time family home; and helping them get into a new home.

No cost, obligation or commissions for help & ideas around this. If you want to send an email or call me, my contact information is here:

Bob Wuest
Nextage Achieve Realty
9560 Montgomery Rd.
Cincinnati, OH 45242

Bob@BobWuest.com
(513) 328-1520
Web Reference: http://www.BobWuest.com
0 votes Thank Flag Link Tue Sep 7, 2010
While banks won't sell REOs via lease-option (LO) or land-contract (LC), you might be able to work with an investor to do purchase a REO, and resell it to you via a LO/LC. You might be able to purchase a property, that's being currently offered via a short-sale, via a LO/LC; however, you'd need to have at least enough to put down for an option-fee (for the LO) or down-payment (for the LC) to reinstate the loan.

Please feel free to contact me for more details provided you're interested in doing something like that.
1 vote Thank Flag Link Tue Sep 7, 2010
Unfortantly you are not able to turn foreclosures into rent to own, because the bank owns them and they are not in the busienss of being landlords.
I know of a program that can help you get your credit back on track. You are not far off!
I feel for your situation, and I think we may be able to help get you back to being able to buy if that is what you are looking to do.
Contact me and I will put you in touch with the mortgage officer for works closely with a credit agency that can help you for a much lower cost than many of the self proclaimed online credit repair places.
Have a good evening!
~Danielle Vinson
RE/MAX Elite
vinsonhometeam@gmail.com
1 vote Thank Flag Link Mon Sep 6, 2010
Unfortunately, you have to wait at least 2 years until the discharge/dismissal of your bankruptcy to buy a home. In the meantime , hang in there, try to improve your credit (620 is the minimu, 660 will be much better) and attempt to find a good place to rent.

Good Luck

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Tue Sep 7, 2010
So can I do a land contract if it takes two years to pay it off? My two years will be up by then.
Flag Wed May 1, 2013
Foreclosures are put up for sale and are not put up to rent. Short sales are on the market becuase the home owner is behind in their mortgage and facing foreclosure so they as well have to sell and can not rent. HUD home sare foreclsoures and as well are put up for sale, can not be rented. At this point With a bankruptcy and low credit scores , it is going to eb a while before you may be able to obtain a mortgage, you might be better off to find a rent to own situation where the owner would give you a loing term lease like 2-3 years. You should meet with a loan officer and ask them what you will need to do to be able to get a loan in the future.

Please see my blog with tips and advice on lease purchase and the rent to own process
0 votes Thank Flag Link Tue Sep 7, 2010
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