- This topic has 6 replies, 4 voices, and was last updated 17 years, 2 months ago by gn.
-
AuthorPosts
-
July 13, 2007 at 11:40 AM #9502July 13, 2007 at 11:54 AM #65684AnonymousGuest
The statement “and the home will eventually become yours” is weird to me. I doubt that it would happen with a $1500 per month payment. So would there be a point where this would “reset” into the renter assuming the full mortgage and seeing a increase in payments? Would a new mortgage need to be written up at that time? It seems fishy to me as well.
July 13, 2007 at 11:54 AM #65746AnonymousGuestThe statement “and the home will eventually become yours” is weird to me. I doubt that it would happen with a $1500 per month payment. So would there be a point where this would “reset” into the renter assuming the full mortgage and seeing a increase in payments? Would a new mortgage need to be written up at that time? It seems fishy to me as well.
July 13, 2007 at 11:56 AM #65687bsrsharmaParticipantHow does this work?
Can I just walk out anytime i.e. change my mind to “Not Own” it? If yes, then it is just a indefinite “lease”; If not, it is a major pain. Either way, if there is no mortgage in your name, nothing can stick to you if you decide to walk out. If they don’t ask for a down payment, I should have no issue signing up.
July 13, 2007 at 11:56 AM #65749bsrsharmaParticipantHow does this work?
Can I just walk out anytime i.e. change my mind to “Not Own” it? If yes, then it is just a indefinite “lease”; If not, it is a major pain. Either way, if there is no mortgage in your name, nothing can stick to you if you decide to walk out. If they don’t ask for a down payment, I should have no issue signing up.
July 13, 2007 at 11:59 AM #65688gnParticipantThe following is likely to be true:
1. The current owner is “upside down”. That is, the loan amount is more than the market value of the house.
2. The current owner just wants to “walk away” without having his credit record being damaged by a foreclosure.
3. He needs someone to bail him out by taking over the loan.The thing is: you can easily go out & buy similar house for less than the loan amount of the above house.
July 13, 2007 at 11:59 AM #65751gnParticipantThe following is likely to be true:
1. The current owner is “upside down”. That is, the loan amount is more than the market value of the house.
2. The current owner just wants to “walk away” without having his credit record being damaged by a foreclosure.
3. He needs someone to bail him out by taking over the loan.The thing is: you can easily go out & buy similar house for less than the loan amount of the above house.
-
AuthorPosts
- You must be logged in to reply to this topic.