L2P - Posted by gus

Posted by gus on October 06, 2003 at 09:00:40:

Thanks for the help.

L2P - Posted by gus

Posted by gus on October 05, 2003 at 11:53:06:

In a lease w/option, as the leasee, what are the dangers in my being taken advantage of? How can they get rid of me and keep my option money, etc.? Can they send me to their motgage broker, who tells me I can qualify in 2 years - when I can’t? Any other traps? Thanks in advance.

Re: L2P - Posted by JohnBoy

Posted by JohnBoy on October 05, 2003 at 13:01:27:

By you not performing on your end as promissed. If you don’t pay, they can get rid of you. If you break or breach the lease in anyway, they can get rid of you. As long as you perform on your end you should be fine.

Can they send you to a mortgage broker who tells you you can qualify in two years? Sure they can. Whether you can or not depends on you in the next two years. You won’t automatically qualify in two years by doing nothing in those two years just by waiting for two years to pass. You will be required to do certain things in those two years so you can qualify. That will be entirely up to you to perform.

Things you may need to do in those two years so you can qualify may be, pay your rent on time. Keep copies of all your cancelled checks to prove you paid rent on time. Repair any credit issues you may have. Like paying off charge off accounts. Bringing deliquent accounts current and paying them on time. Paying down accounts with high balances owed to get your debt to income ratio in line. By not incurring any new debts. Getting things off your credit file that are not accurate. Allowing yourself to show more time on the job if you just started a new job and/or to show more time in the area if you recently transferred or moved from another area. Etc, etc, etc.

All these are things that a mortgage broker will be able to inform you about today that you will need to get cleaned up and straightened out over the next two years so you can qualify for a mortgage. If you do these things then you can qualify. If you don’t do these things then you won’t qualify. This is the purpose of sending you to a mortgage broker. It’s not just to tell you can qualify when you can’t today and just to wait for two years to pass doing nothing. It is entirely up to you to get these things done over the next two years so you can qualify. If you didn’t have anything that you needed to do over the next two years to qualify, then you would be able to qualify now.

So whether you can qualify in two years or can’t will entirely be up to you, as to whether you do everything you are suppose to do that the mortgage broker tells you you need to do, so you can qualify.

The question is, can you do those things and will you do it? If so, you can qualify. If not, you won’t qualify. It’s all up to you to perform on your end. The purpose of giving you the two years is to buy you enough time to do the things that you will be required to do over two years so you can qualify. Not to just sit and do nothing and wait for two years to pass by. That in itself will accomplish nothing unless you do everything the mortgage broker tells you you need to do so you can qualify.