Home Buying in Placerville>Question Details

Mary Sweat, Home Buyer in Placerville, CA

We are looking for a RTO LTO, take over a mortgage etc, in the Gold Country/Amador Cty We have been paying $1850 mthly rent for 6 years.

Asked by Mary Sweat, Placerville, CA Wed Jun 12, 2013

My husband has some medical bills he's paying off and was told he can't get a mortgage even with fair credit until they are all paid off. We are tired of paying someone else mortgage, and are hoping someone will take a chance on us. Staying at the same place paying almost $2000 a mth for over 6 yrs speaks for itself I think. We all know someone that had a medical emergency and for one reason or another was unable to pay an expensive health bill. If anybody has a listing or knows where to locate a listing for RTO, LTO ETC, Id really appreciate it.

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2
I have a listing in Grizzly Flats for 122171. Firm price but the seller is open to owner financing with a substantial down payment. I've also seen a fsbo in Amador county for 59k . Fixer and small but the seller is willing to finance. Feel free to call or email me! Just click on my profile.
Best of luck. PS if you have a down payment saved that will help tremendously
0 votes Thank Flag Link Wed Jun 12, 2013
Thank you both Margaret and Jim for responding, i really appreciate it.

Wow $59 that must be a real fixer upper. Where in Amador Cty? We are open to the surrounding Pville towns,, and Amador Cty, another reason we want to own now, is as you can see by my profile pic, we have pets now. We would like a yard, and something more conducive to having pets. Many property owners won't rent to you if you have pets. We also are looking for 3 bdrms.
Flag Wed Jun 12, 2013
You would still be paying off someone else’s mortgage; RTO and LTO do not convey title. I bet you don’t know the rules a mortgage underwriter will use when you try to pay off the seller. Neither does any of the “buyers” that have signed one of these puppies in the last couple of years, that is why they have lost hundreds of millions of dollars chasing smoke and mirrors.

You think the contract is just between you and the seller, that is true until you try to arrange a mortgage to pay off the rest of what you owe. When that time comes you have two or three other parties that must agree to the terms of the contract, and most of the time they will not.

The reason I point this out is because it sounds like you have been thru a tough time, and I hate to see someone that is already having trouble do something that will make it worse. If you think I don’t know what I am talking about then at least protect yourself as much as possible. Read the guidelines on how a mortgage underwriter will interrupt your RTO contract. Good luck, I hope my comments keep you out of harm's way.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Jun 12, 2013
Any suggestions then? It's like we are between a rock and a hard place. We have the income but medical bills ( that never use to be reported on your CR) stand in the way
Flag Wed Jun 12, 2013
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