Asked by TY, 92880 • Thu Aug 21, 2008
The home we just moved into two weeks ago and had planned to rent for the year, has been foreclosed on and we need to vacate the property by the end of the month. We were scammed because the former owner of the home knew that his house was in foreclosure, but chose to rent it anyway. We had NO clue of this. We love the home and wanted to buy it in the future. Now it is owned by the bank and will be put up for sell in the coming months. My husband and I have poor credit (low 500s) and really want to buy a house as first-time home buyers. Would we ask an investor to buy the home we are renting now, when it goes up for sale and have that investor do a lease-to-own option for us? Where would we go about finding a legitimate investor that is willing to do that? Our parents don't want to take the "risk" of buying the house for us. I'm at the end of my rope and so tired of renting homes. We have enough income to pay a $400K mortage- bad credit is making it hard for us.
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