Home Buying in Portage>Question Details

Lynn, Other/Just Looking in Portage, IN

We have just filed bankruptcy and are considering now whether to foreclose on our current home. We would like to downsize and find a home that

Asked by Lynn, Portage, IN Thu Oct 8, 2009

better fits our budget . We are looking for a house to rent but are wondering what our other options might be now that our credit scores will be poor. Is lease with option to buy a good option? Is that the same as rent to own? What is the best way for me to locate potential homes for us? So far I have: looked at craigslist, local paper classified section, and driving around town looking for "For Rent" signs.
Thank you

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Yes, you have some decisions. Rent to own could be good, but in most cases the purchase price is "undefined" so beware.

Before you consider the foreclosure, consider these re-financing options and the "short sale" alternative:

Financial distress? Homeowner finance options through HOPE NOW, an alliance between counselors, mortgage companies, investors, and other mortgage market participants. See the link for more information.

Short Sale Consideration Webinar. (35 minutes). A must watch before starting the short sale of your home. More information on the short sale process. What is a short sale? What should I do? How much will it cost? Watch an excellent short sale webinar that will answer most of your questions at this link: http://www.arizonahomesland.com/forsellersorlandlords.html
0 votes Thank Flag Link Thu Oct 8, 2009
Lynn,
I am a litle biased, but a good local realtor can help you find the house you need, or an apt you like. You will also need some support documentation to give any new landlord since most landlord run credit reports on their tenants. Bankrupcy is a big step, and hopefully you consulted with an attorney as well as an accountant. Both can give you the pros and cons, to help you make the best decision for your future. Doing it "on your own" will just add time and with the circumstances your mentioned, stress to your life. Now is the time to get together the team to better chart you future. Work with a local realtor, a good attorney and a good accountant so that your financial future can be better secured.
0 votes Thank Flag Link Thu Oct 8, 2009
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