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netter2_98 · Joined: 25 Oct 2009 Posts: 1 1.40 Dollars($)

Hi,

My husband and I looked at a home and are interested in it. We cannot get a mortgage presently because of credit issues. The current owner has had the house for 8-9 months and wishes to sell it because his wife left him. He still has 78,000 left on his mortgage. We asked him about owner financing/rent to own and he says that he would be willing. My question is how would it work since he still owes so much on it. He tells us that his payment is 704 a month. so i think he plans on us paying his mortgage payment for a couple years until our credit improves and we can get a mortgage. It sounds good, but I have been reading that the bank doesn't usually like that to happen and usually would require the guy to pay off his mortgage in full before entering such a contract. What would be the best thing to do so that nobody gets in trouble or screwed over so to speak?

jenkin7 · Posted: Sun Oct 25, 2009 11:46 pm Post subject:

Hi netter,

If you enter into rent-to-own type of owner financing, it will help you get time enough to rebuild your credit scores and qualify for a regular financing. Like in renting, you will have to make an upfront payment which will be applied to the purchase price. The banks want to get their monthly mortgage payments on time. As long as they receive those payments, they will not oppose any such owner financing contract.

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Possible owner financing.