Hi Dawn,

Very good question and advice from Terrance. As far as your credit goes, that is an easy fix, http://www.thecreditrestorationexpert.com It costs $499.00 with a money back policy and takes 6 months.

As far as the property make sure you do a Title Search through a Real Estate Attorney or a Title Company in your area. You want to make sure of any and all liens on the property. This is the first step to look at, then repair your credit and you might be able to purchase a property in 6 months with credit repair.

If the seller holds the mortgage, your name would be on the deed. You would be paying the person interest as if it was a loan from a lender. If the seller still owed money on the property, they would be "in essence" renting out the property to you until their mortgage is satisfied and then record your name on the deed.

If you are getting the seller to hold the mortgage, then the reason would usually be that you can not get a loan any other way. This would be very high risk on the part of the seller who would hold the mortgage. This could mean much higher down payment and/ or much higher interest rate than that of the bank.

So, I ask you. Is it a dream come true? If you could not get a loan because of bad credit, then problems are still down the road. But if you just can't "prove" that you have consistant funds coming in and no credit problems, then this could be good.

This is a very risky area of business and really should be discussed with an attorney if you wish to pursue this course.

Hope that helps,

Terrence Chare, e-Pro

Difficult to state unless part of the conversation.

Term can have many meanings.

Are you asking about a lease purchase?
Does property owner have a mortgage? Paid in full?

Your buyers agent should be able assist you with all these questions.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer

Is it that they continue with the mortgage, you move in, they pay the mortgage with the money you pay them on a monthly basis, something like a land contract? I'd like to know as well, considering my answer is probably way off.