Re: liens falling away
Posted by Julio Martinez-Clark on April 28, 2008 at 10:01:13:
In Reply to: liens falling away
Posted by BEN WOODSON on April 27, 2008 at 16:16:37:
QUESTION:
"Julio,
Thank you for responding. I will study the website you recommended. As you know from the discussion board
I know nothing about foreclosures, I'm trying to learn,but my progress is slow. I'm a little afraid to consult with a
realtor, and have no mentor. To answer your question, I've found two homes,one $8000, one $17000. I've
thought about renting to own. I know the average family cant get a loan these days. Am I crazy?
God Bless,
Ben"
ANSWER:
According to what I've read lately, It's becoming increasingly difficult for individuals to have a residential
mortgage loan unless the borrower has a down payment and very good credit. The lending standards have
tightened considerably.
You mention that you want to buy a new property via a mortgage loan or a "rent-to-own" loan. Why would you
want to buy a property in a market in which prices are declining dramatically and are expected to continue
declining? Show us data that property prices are appreciating in your local area that justify buying a property
today.
I hope this helps,
Julio Martinez-Clark
Follow Ups:
