It depends on the banks attitude. It could be structured as a lease with a purchase option using a preset price at the end, for example of $100. You will need to have it presented to the bank with terms that are acceptable to you for consideration. Please let me know if you need more information or I can be of assistance.
1 year is the absolute soonest, and this is only if you had no mortgage lates within the 12 months preceding the short sale. Otherwise it is a 3 year wait for a VA or FHA loan or between 2 and 7 years for Conventional. 2 years requires a 20% down payment, 4 years if you only have a 10% down payment, and 7 years if you want to do 5% down.
Not very many Rent to Own opportunities in Great Falls, but there are a few. Be cautious of Internet scams and anything that makes you send money upfront. Get with an experienced local Agent who can help you through the process. I have found that many who thought they needed to buy Rent to Own actually were able to purchase through a first time homebuyers program.... more
Hi Logan. What type of investment or income properties are you invested in purchasing? I really enjoy working with investment buyers, and have a thorough understanding of the local market. Let me know a little more about what you are looking for and I'll see what we can find. Have a good evening!
406 570 9576
Your landlord is most likely working with his lender.
I just helped my client get a $250k principal reduction with Chase which allowed them to keep their rental.
Depending on when you signed your rental agreement and how long it is for, you may be safe no matter what.
In CA where have a renters in foreclosure protection if the renter signed a lease before the home went into foreclosure and the lease is for 2 years or 3 years etc and the home sells the new owner has to honor the lease.
You have to make the payments thought no matter what. Typically what will happen is the lender wants proof the landlord has ability to pay and is looking at their bank statements. If you don't pay, they won't get approved. Additionally if you don't pay you will get evicted.
The economy is a mess. Homes are considerable underwater. I know some are not getting paid onetime and some are vacant. Work with the owner and you should be fine.... more
Regardless of a pending foreclosure the lanlord is responsible to maintain the heating system in the home.
Come winter you will have a valid excuse not to pay rent. I would contact an attorney for representation and see what he says your options are. I bet he says stop paying rent or deduct the cost of the heating sytem from your rent!... more