Posted by Shawn on February 27, 2000 at 22:24:20:
You mentioned paying $1 a day for the home but who pays the mortgage? The reason I ask is because if you are paying the mortgage or anything close by personal check you should have an easy deal. Their are lenders out there that will do a 6 month lease purchase. In a lease purchase the lender will go off of the appraised value of the home which will alow you to buy the home with no money out of pocket. If you choose the right lender you can even get cash out at closing if you want. If you have been only paying $1 day nothing else you have two options that I know of. You can find a lender that is relaxed on land contract purchases. (A lender that is not asking for a 12 month land contract recording and not asking for canceled checks) Or you can buy the home as planned and take cash out right away with a no property seasoning refinance or a 2nd mortgage. I don’t know you total situation but I hope this helps.