What are the options (i any) available to someone who NEEDS to buy but is saddled with poor credit and a foreclosure (4 years ago) record.-----

Asked by Uravanshop@gmail.com, Sun Apr 7, 2013

Is rent-to-own a viable option or is it a scam. The contacts I've attempted have asked forprivate financial information BEFORE they would even tell me what they had available. When asked to mail me a hard copy of their policy and services, they've directed me to their website.

Is there any hope for me???

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Debbie Hyde, Agent, Chesterfield, MO
Sun Apr 7, 2013
That is a tough situation - one that many people face today. Unfortunately, the banks hold the keys to your next home. Correcting your credit will do wonders for your ability to speak with banks - but time is what is required to get your loan. In the mean time, look for a home for a lease-purchase. They are hard to find, but still available. The trick is to be willing to take what is out there. Be cautious about who gets your financial info. A licensed credit checking company is the safest bet.
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Mack McCoy, Agent, Seattle, WA
Sun Apr 7, 2013
It isn't that rent-to-own is a scam, but it's not a viable option, either.

If you have bad credit and have been foreclosed on, you don't NEED to buy. You need - in my opinion - to rehabilitate your credit before buying anything on credit again. At which time, you can buy from a position of strength, by having buying power.

All the best,
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Apr 7, 2013
Don't know where Wildwood is; some areas of the Country handle Lease/Options differently:
As a rule, L/O is not a good way to go; You are the mercy of the Seller who can dictate the terms, it is full of pitfalls, it is way more expensive than using a Lender, and the Seller does not report to the Credit Agencies, thereby improving your Credit Score.
I will state that Lease/Option is the ultimate "Caviat Emptor"!

4 years should be enough time; you should be able to get a loan.
I can recommend a Mortgage Specialist who works in all 50 states; he's honest and knowledgable.
Shane Milne, and you can e-mail him at shane@thebesthomeloans.com
He is regiatered on Trulia; you can look up his PROFILE and RECOMMENDATIONS.
Look for the VIEW A TRULIA VIP and chick it.
Good luck and may God bless
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