Posted by John Corey on June 10, 2006 at 07:01:50:
Ana,
Lets clarify something.
You can realize the equity without getting a loan. One way is to sell and capture the difference between the price you can buy for and the price the property sells for.
Are you living in the property?
Do you intend to continue living in the property if you can obtain financing?
In broad terms how does your credit look. Lack of a job is not going to stop all lenders. You may still be able to get a loan. It will be at terms that are less favorable than if you had a job.
Any reason you will not find a job soon in the same profession? If you do find one the issue of changing jobs is minor.
If nothing else works would you consider selling and walking away with something as opposed to having the option expire with and you ‘lose’ the potential equity?
I have a lease option property I?ve been in for three years and just was preparing to buy and was laid off from my job. The value of this place is around $80,000 and the owner and I have agreed in writing that all my payments go towards the overall price, In August the lease is due and I will have to purchase for $50,000 but it will be hard to get loan because I lost my job. I have this equity of $30,000 and need someone to help me figure out what to do.
I have such a sweet deal and do not want to lose this equity but is there anyway to get someone to finance for some of the equity? I can afford the payments but I don?t want owner to cancel lease after paying all this money.
If anyone can give me some information I would be grateful.
Posted by James Harris on June 11, 2006 at 07:59:28:
Ana, You’ll need to find a job as soon as possible. In the mean time, there maybe a possibility on raising the funds needed. Email me off board to discuss this issue.