Home Buying in 60629>Question Details

Ccastillo72, Home Buyer in Chicago, IL

I am trying to find a investor to purchase. home cash for leasse to own.

Asked by Ccastillo72, Chicago, IL Tue Dec 11, 2012

I am trying to find a investor to purchase. home cash. home in chicago 60629 then i buy baack. i am with Lexington Law to reepair credit. i need 24 months to make my goal a reality...just need time.

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Manuel Brown (312) 600-5710’s answer
Ccastillo,

I have to agree with all my esteemed colleagues on here. It is simply not a good idea to try to get an investor to purchase your home and than try to buy it back. Karmically it is just inviting more problems.

As hard as this may be to hear or imagine the best thing is probably to sell your home. I know, it is your home, this sucks! Sometimes to move forward to get to our next goals we have to start again. Build a new home on a stronger foundation and bring all those memories to our new home.

None of us on here know if your home value is higher than what you owe the bank or how your employment, etc is. What ever you do, do not let your home go into foreclosure it will take you 3-7 years before you will be able to finance a home again.

But before even discussing any of this have you talk to a Bankruptcy Attorney. A Bankruptcy Attorney can counsel you on what your options are. Many people keep their homes through bankruptcy. The initial consultation should be free.

While I know of Lexington Law Firm located in Salt Lake City Utah I am not sure if that is the best option for you.

Simply, I suggest before you do anything else, find a reputable bankruptcy attorney and discuss your options. It is legal, it will offer the highest amount of protection, and you start to build your credit from the time your debts are discharged.

Best of luck,

Manuel Brown, Broker
iMove Chicago
1 vote Thank Flag Link Wed Dec 12, 2012
I would be careful about advertising the fact that you are “repairing credit” the feds can read this as easily as the rest of us. Disputing accurate information on your credit report in order to get a mortgage is fraud, could be a million dollar fine and 30 years in the pokie. The fine could be a lot higher depending on the type of lender and what state the crime took place.

Before anyone pounces on me, fixing a mistake is okay, disputing accurate information is not. I have read tens of thousands of credit reports, only a hand full have actually contained mistakes that had a significant impact on the credit history/score. The billions of disputes that are logged on accurate information that is negative is fraud, period!

Guess which white collar crime Uncle Sam has in their cross hairs. Mortgage fraud.
Realtors, do not send your clients to a loan officer that allows the borrower to dispute accurate information, that makes you just as guilty as they are if you know they do it as a way of conducting business. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Wed Dec 12, 2012
As you stated in your question, you are struggling with credit issues. Most investors are in the investment to make money, not take risks on people who have already proven they cannot afford their mortgage. I would recommend selling your home in a short sale, rent a small apartment for two years and work on fixing your credit before your home goes into foreclosure.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
http://fredyancy.crye-leike.com
1 vote Thank Flag Link Tue Dec 11, 2012
The expression "buy back" could be illegal depend of the sale , to repair you credit you just need to paid the collections no an agency .
0 votes Thank Flag Link Tue May 28, 2013
Thanks Jim good advice below

Realtors, do not send your clients to a loan officer that allows the borrower to dispute accurate information, that makes you just as guilty as they are if you know they do it as a way of conducting business. Good luck,
0 votes Thank Flag Link Wed Dec 12, 2012
That is unlikely to happen and be VERY careful if anyone suggests that it might work! Just repair your credit and then buy................like everone else does.
0 votes Thank Flag Link Wed Dec 12, 2012
I may have someone who can help. Drop me a line or give me a call at the below numbers.

Al Dobbs
addrealty@aol.com
224-234-4403
0 votes Thank Flag Link Tue Dec 11, 2012
Rent for now.

Spend the next 18-24 months working, saving your money, and repairing your credit. In 2 years, hopefully you will be in a better position to purchase.
0 votes Thank Flag Link Tue Dec 11, 2012
This will be a struggle to find. I would suggest just renting till your credit is fully repaired.
0 votes Thank Flag Link Tue Dec 11, 2012
You might be better off giving us more details on the situation you are in and what you are trying to accomplish with the sale/lease back arrangement.
give me a call ro email me if you'd like.

Dave Hanna
773-732-9123
davehanna@realtyexecutives.com
0 votes Thank Flag Link Tue Dec 11, 2012
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