About lease purchases, there are alot of traps out there(not all are traps) to line lessor's pockets only. They provide a lease with option asking to put 1000 2000 3000 and usually lots more up front. Then your monthly payments are set at market. Allowing the upfront money and a portion of your monthly payment to go towards the purchase price if you excersize your option in a year, (they'll tell you it will give you time to get your credit back in shape and the money used will look like a down payment... to entice the deal) they sound sincere too like they are doing you a favor. Meanwhile a year goes by you paid your rent, the option expires and they renegotiate more money and will give additional incentives for more money upfront for the new agreement. You won't want to see all the money you just paid go away so you make another deal... It goes on and on... On some cases it can work, but mostly it is a way for these people to make big bucks the chances of most people with bad credit to be better in only a year almost next to impossible. Lots of these deals are done with cash too... and cash is king. I seen them done.
Your best options
Work your deal with the bank,
try and sell your home to get equity out.
At last resort a short sale may work just to protect your credit. And in case of foreclosure a short sale will help your credit over a foreclosure...
I don't know your entire situation, but watch out for scams...
If you have interest in calling and talking with me more please call me. Would be happy to discuss more with you.
Be careful of companies offering to buy your home so you can avoid foreclosure. If you are approached by any of these companies make sure you have a professional look over the documentation.
Most mortgage companies will work with you to keep your home if that's what you want to do. Talk to your lender first.
Have you spoken with you mortgage company to see if they will work with you. If you have an FHA mortgage there are defnitely options that may be able to assist you in re negitating you terms. You could also consider a short sale which would get you out of the house without the foreclosure on record.
A foreclosure is one of the last items you want to appear on your credit report.
Give me a call and we can discuss your options.
Please email mail me for information I've gathered doing short sales here in New Jersey.
That would really depend on the seller.
Is your home currently listed? Recovery is quicker from a short sell than a foreclosure.
I've done a couple leases over the last month for short sellers, they are great people, just in a bad spot.