Money Orders In Lieu Of Cancelled Checks?
DH and I are in a Lease Purchase Option. We hope to treat it as a Refinance at the end of the terms. We have only made 2 payments in the form of Money Orders.
Can we continue using them or do we *have* to use cancelled checks? Thanks!
Talk to a mortgage broker. Some lenders will accept money orders, but they are fewer in number and make qualifying more difficult. The way lenders think is that a responsible person has a checking account.
[addsig]
Stop with the money orders!! Get a checking account ASAP!! In order to do a LP Refinance - lenders require 12 months cancelled checks. If you have money orders - it will require an exception which the lenders may or may not grant.
You may also want to consider paying through an escrow account or payment processing center. It will cost a few dollars, but they will provide detailed statements for you. And most any lender will accept their documentation to validate your payment history. Then it’s just a matter of whether or not that particular lender will treat a L/O as a REFI.
I am also trying a lease option for the first time. I live in New York and I am trying this for a house in Las Vegas. I am on RentClicks and Craigslist. I get replies and they fade away when I explain I need 4K - 5K and I suggested 1550 a month. The going rent is 1350 and I am willing to even throw in another 200 a month into the deal. They seem to want to put down a $1000.00 and pay going rent but then you give them towards equity. Why should I bother with that? Where have you been advertising. I found this other site that might help you because you are in a lower price range - www.leasepurchaseleads.com. Let me know what you think and where you advertise? Thanks
Pat
Credit humbly accepted. Thanks!
[addsig]
has anybody tried that website www.leasepurchaseleads.com ?
any successes? any other like it?
thanks
Quote: NO QUAL/NO CREDIT CHECK
3 BD 1 BTH 1700SQFT
1000/MO. 714-555-1212
I put my down money in the ad because I do not want to waste my time with people who do not have the required money.
I have made the mistake of taking less down too quickly several times. The person with more down payment than you want is just around the corner. Just wait a little longer and market it a bit more and you are sure to find the right jamoke. ( I mean tenant/buyer.)
Paul
Lease-To-Own
NO Qualifying
NO Credit
5% plus 1st mo...
MOVES YOU IN!
Only $XXXX.XX mo. + Tax/Ins.
Never allow the T/B to pay taxes and insurance.
[addsig]
Go to were the money is... go to your local mortgage brokers and ask them If they could refer to you the people who do not qualify you may be able to put them into a rent to own you would pay him(m/broker) $500. finders fee. And you could refer them(t/b) back to him at the end of the term. That would get your phone ringing with good Tenent/Buyers.. [ Edited by flyhomes on Date 06/04/2006 ]
Wiz, I was going by your ad, which said Lease To Own.
[addsig]
My question was concerning the TRUST and getting rid of the occupant in case of nonpayment.
[addsig]
because there are still two contracts, i assume da wiz is using.
Note some people had the extra money in mutual funds/stocks and thus lost that extra money in the reccent correction and can no longer afford the down payment or cash purchases they once were considering.
Many sellers and realtors who waited to long have found buyers shifting their money around and investing in other things or no longer have the funds they had a few months ago. Snooze you lose, they need to respond promptly.
To answer your question, in a land trust the tenant/buyer has no equitable interest in the real property, he has an interest in a trust -- personal property. There is no foreclosure as mortgage law does not even apply.
A defaulting co-beneficiary is ‘dispossessed’ by means of eviction. Mandated judicial foreclosure and ejectment action to cure default is by-passed, avoiding the risk of a defaulting tenant’s claiming “Equity” (i.e., having an equitable interest in the property). This avoids eviction and forces a time-consuming judicial foreclosure and/or ejectment process.
You admit that it would take a trust-ignorant judge. Even a dumb judge knows that trusts are governed by the UCC and are personal property. In over 22 years and thousands of trusts, there has NEVER been a case where we could not use an eviction. Not one.
Wiz
_________________
"He not busy being born is busy dying" - Bob Dylan
[ Edited by mtnwizard on Date 07/13/2006 ]
Exactly which city and inner ring suburb in Ohio is your house located?