I wonder how you usually do this? There was a time when I could have used
something like that. At the time, I had completed a Chapter 7 bankruptcy,
had discharged all of my other debts, and was still living in my home even
though I had surrendered it the bankruptcy. The property had no equity, so
the bankruptcy trustee abandoned it. The first mortgage lender was in the
process of foreclosure. Since I had my discharge all of my other debts were
gone and I could have afforded to buy back my home but I didn't qualify for
a mortgage. I tried to make a deal with the mortgage company but they said
no way. Maybe I could have tried a Chapter 13, but I didn't want to go
through all of that just to keep my house when I could just as easily rent
another place. Still, a sale with a lease-back-to-own would have been
something I would have been interested in doing.

Wouldn't you have to pay all cash for the property when you do this type of
arrangement with a homeowner? Otherwise, how would you be able to stop the
foreclosure? The interest rates and payments on my mortgages were a lot
higher than the prevailing rates and typical rents at the time. To make
things worse, the property I was okay for me to live in, but it needed a lot
of repairs.

I am just wondering if that is the kind of situation you sometimes see and
if the sale and lease-back-to-own arrangement might have applied to me back
then.

"Canzie" <sales@nospaminet-lender.com> wrote in message
news:pnq3b.10553$v57.6899@nwrdny02.gnilink.net... I am an individual, who also happens to own a mortgage company. In the past 15 years, I seem to have gravitated to the difficult loans, those people in BK. Once in a while, I run into a loan I cannot do. In these instances, I will sometimes offer to buy the property, with a lease-back-to-own to the current owner. You stay in the property. You sign a lease/purchase agreement at the beginning, with a set buy-back price. A year or so later, after paying on time, you are reported with having no lates, you can get a mortgage anywhere, and you buy the property back. I'm writing this off the top of my head - I just finished another one
today, 8/28/2003, and I just like having all sides happy (I love this business). If you are interested, email me at sales at inet-lender dot com -- Michael Papp iNet Commercial Lending/ Carteret Mortgage www.iNet-Lender.com MSN Messenger ID - iNet-Lending