OfflineHi all,
Let me start by saying that I am a Dean and success academy student, but this post isn't in regard to that.
I NEED HELP! 3 years ago I did a lease purchase on a home. For 3 years I have paid faithfully, never late. Well, the investor has walked away and let this house go into foreclosure, went to auction, did not sell and is now owned by Freddie Mac. He also walked away with almost $30,000.00 of my money! I have less than 60 days to get out. I have done the cash for keys with Freddie Mac and must be out by Dec. 14th 2010 (Happy Holidays, huh?)
I have had a broker working on trying to get me a loan for the last 3 months to purchase a new home, he informed me last night that it just can't be done right now, another 1 to 2 years and it will be doable.
So here is what I am looking for....I need an investor to buy me a home, sell it back to me for 10% over purchase price, I will pay 6 to 6.5% intrest for 2 years. I need my payments to be around $900.00 a month. I will not have a huge down payment since my situation is so unexpected and the investor walked away with what was suppose to be my down payment for this house I am in. I also would like this to be set up through a title company so what has happened to me DOES NOT happen again. With a title company taking my payments I am assured that the mortgage gets paid. It also helps when the time comes to get my own financing because I can prove payment history and possibly get a re-fi loan which is easier to get.
I know the market in my area very well and have a realtor that will negotiate the home, get closing costs and his commissions paid by the seller and will not make you sign a contract with him. The only catch is it must be a foreclosed or REO home, no short sales or pre-forclosures. There are plenty of homes here and were not taken off the market due to the forclosure mess, as Arizona does not require judicial proceedings to foreclose.
So, this is a desperate plea to anyone who is an investor or anyone who knows an investor that would be willing to do this for me. I sure would love to have a home to celebrate the holidays in. Thank you in advance for any help anyone can give me.
Though I can't help you right now, I know you'll get some good answers as the night goes on. There are people on here with excellent advice.
Are you a student of DGs? Maybe the coaches could give some advice on what to do.
I will be praying for this for you.
Sandi
Yes, I am a student of DG's and the success academy. I Will be calling the coaches monday. Thank you so very much for your prayers, I need all I can get.
Do you have a contract agreement on the lease purchase and go through an attorney to handle it,if so you need to get an attorney and file a judgment suit against him.Check into your legal rights on this.
whurndon
We did talk to an attorney and yes, we can go after him but it could take months or even a year or more and unfortunately I have less than 60 days. We also have to hope he doesn't file for bankruptcy, which he probably will, this wasn't his only home, but it was the last one he did. Thank you very much for the advice!
Which location would you want the house in? Please describe the details of the property you are looking for?
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This is not what you want to hear but, I think a very strong plan B is to rent or find an existing rent to own situation and repair your credit over the next couple of years, save up a down payment and buy yourself! Follow the instructions your broker gives you!
If it were me, this would be plan A. Reality is a bummer sometimes.
Also, what does your contract state with the guy that took your money, do you have any recourse? If you ever enter into a lease/purchase option deal again, have an attorney look over the contract and NEVER give your money directly to the home owner! Check out the status of his/her mortgage!!
Good luck, it will all work out!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Yes, reality can be a really big bummer sometimes. The thought of renting and paying someone elses mortgage just kills me. Remember, in this home we were suppose be getting our money put away for the down payment and he stole it. We have certainly learned a lot the hard way and will definitely have an attorney look it over this next time and make sure it is set up in an escrow account.
Thank you so much for the advice, I have a lot to think about.
Wow, now that's so dishonest; I hate to say it, but its stuff like this that gives us investors a bad name!
Was a memorandum of option filed with the county clerk at all? I'd get a free consultation from a lawyer. A lawyer can see if the guy has any assets at all. If you have legal documentation, you will probably have a good case.
Lesson being, always make sure payments are handled through an escrow account both ways; lease payments to the owner, as well as owner's mortgage, insurance, HOA, and taxes, and that a memorandum of lease option is filed with the county!
This really bites.
I will keep you in my prayers. Trust that a solution can be found!