Home Buying in 78228>Question Details

Mary, Home Buyer in 78228

Well that was the agreement made from the get go I move in fix our credit and try to buy the house.

Asked by Mary, 78228 Sun Jan 11, 2009

The agreement was to rent to own and all money put into the house will be deducted from the selling price however after being here for 2 yrs that dosent seem right. We have not so good credit and working with this program called NACA I dont feel like they are helping at all. I really want to buy this house but really scared that our credit history will make it impossible

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Doc & Ellen Stephens’ answer
Hi, Mary,

The Texas legislature virtually outlawed rent-to-own schemes (unless drafted by an attorney) in 2006, because so many people lost their money. If you have a contract and want an attorney to check it out, I will introduce you to a good one. If you don't have a written contract, the Texas Statute of Frauds says essentially that no court can enforce a verbal agreement involving more than $2,500.

My experience with NACA is that they try to steer their clients to agents who will share their commission with NACA. That doesn't always get you the best agent available. Most REALTORS will do a no cost consultation with you, read your contract, and advise you as to your available options. We can't practice law, but most of us know good Real Estate Attorneys who will do the same for you if needed.

You can find out if you can qualify by contacting a quality lender and asking them to pre-approve you. Contact me for a list of names. By the way,that's one of the reasons rent-to-own schemes were stopped - people had 2 years or so to repair their credit, but they were unsuccessful in doing so, so their agreement expired and they lost all the money they had put into someone else's house.

You wouldn't risk your life by doing your own surgery, but people often make major financial mistakes by not getting qualified help. Don't do that to yourself.

Best regards,

Doc Stephens, REALTOR
Keller Williams Realty
(210) 764-9403
0 votes Thank Flag Link Thu Oct 11, 2012
Hi again Mary,

NACA, as I understand it, is a consumer advocacy firm with a large number of attorneys involved. It seems they help fight predatory lending and offer some type of financing for folks with damaged credit. Beyond that, I cannot really comment intelligently on what they do, nor why you have worked with them for two years without results. In most cases, if folks pay their bills on time for two years, the credit would improve tremendously, without working with anyone at all. Are there outstanding judgements? Unpaid collections?
You would be well advised to talk to a great lender that could review your credit situation and give you an idea of where you stand today, and how to get to where you would like to be. Let me know if you would like me to review your situation! Jim
0 votes Thank Flag Link Thu Apr 12, 2012
Mary, Do you have anything in writing, just a verbal agreement, contract??? Do you talk to the people from the program, what makes you feel they are not helping? Have you been working on making your credit better? If we knew some of these things you might get other opinions that might better help you..

Best to you, Dunes
0 votes Thank Flag Link Sun Jan 11, 2009
I owned a credit repair company for 10 years and lectured to 1000's with a good company IN MOST INSTANCES your credit can be repaired within 90 days per the statues. 2 years extremely long time for any repairs SOME credit repair companies can do more damage than good. Sorry to read about this
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 11, 2009
Here is the name and number to a lender that can answer some of your questions and let you know if you have a well enough credit score to purchase the home your in. If anything he will let you know what your options are. Steve Johnson Prudential Classic Realty 210-325-1833.

Mike Horner
Gold Financial
0 votes Thank Flag Link Sun Jan 11, 2009
NACA is a program that after their session should help you to buy a home. If they aren't helping how you seem fit, then you should find other avenues to pursue. You really need to have a loan officer assess your credit issues and show you the steps you need to get you on the right track. Feel free to let me know if you need steps to guide you in the right direction.
Web Reference: http://www.fabailey.com
0 votes Thank Flag Link Sun Jan 11, 2009
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