Anyone had experiance with rent to own? Supposidly, you can rent for three years and apply a portion of the rent to the down payment.
I live in Michigan. Chapter 7 discharge 6/10/10. Both first and second mortgages under water. Did not reaffirm. Stopped paying 2nd mortgage 6/1/10.
From my perspective, I am considering:
Making one more first mortgage payment. I will then be 60 days delinquent on the 2nd mortgage. Contact the bank resolution department and offer reaffirmation on first mortgage, if they drop the second. If they cant come up with some sort of plan that fits, I will stop paying the first. That should give me about 9 mos to save up for rent to own program before I am forced to move. Just doesnt make sense to stay here any longer, especially since I am not obligated any longer to pay.
Do you think not paying will jeopardise my ability to find a rent to own property, or does that three years put me in a position to get a new mortgage? Part of the problem is most of these rent to own properties are forclosures and many owned by fannie ar freddie (same as my current mortgage).
I live in Michigan. Chapter 7 discharge 6/10/10. Both first and second mortgages under water. Did not reaffirm. Stopped paying 2nd mortgage 6/1/10.
From my perspective, I am considering:
Making one more first mortgage payment. I will then be 60 days delinquent on the 2nd mortgage. Contact the bank resolution department and offer reaffirmation on first mortgage, if they drop the second. If they cant come up with some sort of plan that fits, I will stop paying the first. That should give me about 9 mos to save up for rent to own program before I am forced to move. Just doesnt make sense to stay here any longer, especially since I am not obligated any longer to pay.
Do you think not paying will jeopardise my ability to find a rent to own property, or does that three years put me in a position to get a new mortgage? Part of the problem is most of these rent to own properties are forclosures and many owned by fannie ar freddie (same as my current mortgage).
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