Profile picture for MichelleGaskill

My husband and I are interested in two of the houses in Columbia La but we have filed banctruptcy.

Is there any chance that we have of a lease to own option we are renting at the moment and feel like we are throwing our money away. we can afford 500.00 a month. We well be out of banctruptcy in December.
  • July 23 2013 - Columbia
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Answers (3)

I would suggest maybe saving as much as you can over the next few months, and then being prepared in Dec when the BK is done and cleared. You may not enjoy paying the rent for the time being, and maybe can find a family or friend to stay with for a few months to save even more.  But other than that you are pretty much stuck for the time being.  Rent to own is not usually a great way to go about things.  You might be able to find an owner carry situation, but even then you won't get the best rate available, as they could ask for 8-10% interest.
  • July 23 2013
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Profile picture for wetdawgs
"Lease to own" is a superb way to throw money away.   For lease to own, you'll need a substantial down payment (perhaps 10% to 20%) and the only money that goes towards purchase is the amount higher than fair market rate.

  • July 23 2013
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Profile picture for kittenonkeys
It is possible if a house has been on the market for a long time, an owner might consider a lease purchase option.  However, these arrangements generally require a larger non-refundable deposit and a limited time period for such an arrangement.  I understand the frustration of throwing money away in rent, while at the same time seeing interest rates begin to rise.  More than likely it will be at least 2 years before you can get a mortgage loan again.  Consult with a trusted loan officer at a locally owned bank--one where there Is some flexibility to make decisions in-house after considering your situation.  Follow that person's advice to the letter to help you get back in a position to buy.

Best wishes to you!
  • July 23 2013
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