I checked with one of my best lenders who told me it would be very difficult for you to obtain a loan with a credit score that low. If you were able to do some private financing, it would be in your best interest. Good luck with trying to work this out. I am certain, after 16 years, you would not want to move.
All the best,
Lifetime Top Producer, NVAR
Avery Hess Realtors
You are in a very unique situation and really need to consult with a local expert. Clearly the details of your existing contract must be known. If it has been in place for 16 years and $300 a month allotted to building and equity interest...you may very well be in a good, a really good position. You need to consult an attorney in regards to the existing contract. This is a legal issue. Consult an attorney.
Another resource should additional funding be needed is through a local bank...you know who they are, those banks who invest in the community with home and business loans as opposed to the big banks whose business seems to be loan denial..
Find the local bank with an A or B rating. Make an appointment. Have a chat regarding your options. You will need to be equipped with the information provided by your attorney.
Simply plug your zipcode into the website below.
Let us know how this turns out.
Best of success in buying this home.
ReMax Realtec Group
Palm Harbor, FL