There are any number of reasons that you could end up with poor credit and not all of them come from being lazy or cheap. A bad accident or illness, hospitalization, the loss of a job or bad choices in a your younger years could all be the basis for having bad credit in your adult years. The events might have happened years ago and the you may have since repaired their ailing credit; however that stain remains and makes future purchases difficult. Now that you're older and wiser you find that you want a new home. Can you buy a new home with your bad credit?

The easiest way to own a home with poor credit is to try your best to get your credit back on track. If you can pay 2% less on the mortgage loan interest rate, you will be saving over $70,000 throughout the years.

The first thing is to order a free credit report and to go over it with a fine tooth comb. If you find any disputes that you want to take up with creditors, dig up your receipts, and write some letters trying to straighten out whatever is being falsely claimed. The law states that the credit agency will have to address the dispute within 14 days or they will have to remove the disputed item completely.

After all of your disputes have been settled, you should insist that there be a new (and corrected) report sent out to all of the creditors who have received your report in the last six months. The process of having the corrections sent out is laborious, but it could mean a greater chance of you owning your own home, so be persistent. (more...)

Originally posted 2007-08-02 09:31:23. Republished by Blog Post Promoter

Technorati Tags: Credit Card Debt, John Edmond, money, mortgage

Bring up the subject of using Lease Options for real estate transactions and you normally get one of three reactions. "I hate 'em! I have never seen one work out right yet!" - from some real estate agents. "I think they're great!" - from investors who actually use them. Or maybe you get a "What's a lease option?" from someone just getting into the business.

Whatever your position, I probably wont change your mind. I will say however that lease options are one way to control and benefit from real estate without taking on the risks of ownership. And they provide a service that cannot really be done in any other way, except with rent to own and the two concepts are so close together that they are almost the same thing.

Lease option real estate solves a problem that has always been with us and one that is going to get much bigger, very rapidly with the tightening up of sub-prime mortgage lending. That problem is credit.

To read the rest of the article please see my posting at EzineArticles. 

Originally posted 2007-09-19 14:02:55. Republished by Blog Post Promoter

Technorati Tags: Lease Options, mortgage

So, you found a motivated home seller and reached an agreement. Now what?

Well, now you need to get the paperwork done and close. This is what you have really been afraid of all along, isn't it?

We will get into the actual step-by-step completion of the paperwork later but for now we'll just take a look at an overview of the process.

As I said before, you will buy the home right there at the kitchen table (kitchen table closing). The seller actually signs the Deed over to you on the spot. This means there are no closing costs and no attorney fees! That is why you can agree to pay all closing costs - there really aren't any.

Almost all loans you will run into will have a Due On Sale clause. This means that if the house is sold, the bank can accelerate the mortgage and force the total amount to be due. However, in actual practice, the bank just wants the payments (although you are not officially taking over the payments by assuming the loan). As a general rule, as long as they are receiving the payments, the bank is happy.

(more...)

Originally posted 2006-04-12 19:24:32. Republished by Blog Post Promoter

Technorati Tags: County Recorder, EXEMPTIONS, mortgage, State Transfer Taxes

Technorati Tags: mortgage