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Asker
Posted over 1 year ago.

Thanks I have unfortunately been through chapter 7 bankruptcy and so my rebuilding my credit hasn't been all that good. I still have debts with my ex husband. Two open car loans and now a third since I had to get my own car. Is there anyway i can start a home pre qualification with my credit union? If I can pay rent I can pay a mortgage. With all the foreclosures here in Ga I could get a nice home for less than $60k..what about lease with an option to buy?

Kris K. Skaar
Kris K. Skaar, Debt Collection Attorney - Marietta, GA
Posted over 1 year ago.

Be very careful if you are considering a lease-purchase or lease-option-to-purchase transaction. I have seen far too many cases where the property owner takes advantage of someone like yourself who may have difficulty qualifying for conventional financing. Too often these deals are structured to strip the purchaser of all of her/his cash (calling that large payment a "down payment" or "option price") with impossible to meet option terms. The deal is designed so that you can never buy the property. It just winds up being a very expensive lease. There may be some good lease-purchase deals, but then again, those people don't call my office. Just if you do this, be really careful.

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Asker
Posted over 1 year ago.

I had plans to have an attorney review the terms prior to signing a lease purchase. :-)