here's what you should do in my opinion. go to Ziprealty.com. Look at the properties that are coming up for foreclosure soon. Contact the owners of those properties with the postcards you can get through Ziprealty.com. If you get lucky, you may find someone willing to lease with option. it's certainly better than ruining their credit with a foreclosure for most people. And worst case scenario, if you are not a good person and you default on the current owners and don't pay them, they just end up where they started and would have been foreclosed on anyway. so they delay a foreclosure at the very least. at best, they sell you the house in 5 years and don't have to get a foreclosure at all.
That's my suggestion.... more