BusynMember
Well-Known Member
Six years ago we signed a land contract to buy our house from the owner. It is very specific and he can't change it without our agreement and for six years we faithfully paid the bank, thinking we were paying down the mortgage toward ownership as that was the agreement stated in our contract. Even a lawyer said that it was a good deal.
Fast forward six years. Hub gets a nasty e-mail from the owner who has lived in four houses since blowing this town. He wants us to get a mortgage and buy the house or sign a "new lease" (it was never a lease) and pay a lot more and go month-to-month, as if we are every day renters. He DID NOT deduct our payments toward the sale of the house either. In fact, he upped the price, siting late payment fees that we never should have because we never paid late. Anyway, none of this was the agreement and we could go to court on it, but this is, frankly, not a very nice house. It needs tons of work, and since we see this side of the man, we don't want his house anymore. We only took it because our credit is still recovering and we didn't think we could get a mortgage back then. I'm still afraid we can't, but there is also hope that we can.
We are working with a big mortgage company and the woman who is representing us is used to doing loans for people with so-so credit. I hope we get a mortgage. We only need $60,000 for the house of our dreams as home prices are very cheap out here in small town Wisconsin. We can afford it and have built up some credit within the past six years (at least hub has--we're doing it under his name). The mortgage company is being very optimistic. She's acting like it will happen. I'm scared to death because we have no choice--we have to get out of here. We don't want to fight this jerk in court. It would probably be expensive. He probably does this to lots of people and we are just more of his dupes.
If anyone knows of good lenders for people with less-than-great credit PM me . Aside from that, we are crossing our fingers. If we are turned down completely, we will have to purchase a mobile home. I drove through a nearby park today and some of the units are really nice, but they are very small for four grown people (my kids are grown people size) and four dogs and we won't part with our pets. Fortunately, though, they do their own financing and are more flexible than banks.
I was thinking that NOBODY would give us a mortgage in this day and age, but actually this lender seems enthusiastic. I don't know if it's because hub has stable job (works for the county and his job is secure). I don't know if it's because so many of the houses are standing empty. I don't know if it's because we aren't needing a big loan, like you do in so many big cities. I'm doing my best to stay positive. I really don't want to try to cram all of us into a trailer.
Any creative suggestions are welcome. I know that all of you have many different talents and knowledge and sometimes you know things I don't know. Thanks for reading
Fast forward six years. Hub gets a nasty e-mail from the owner who has lived in four houses since blowing this town. He wants us to get a mortgage and buy the house or sign a "new lease" (it was never a lease) and pay a lot more and go month-to-month, as if we are every day renters. He DID NOT deduct our payments toward the sale of the house either. In fact, he upped the price, siting late payment fees that we never should have because we never paid late. Anyway, none of this was the agreement and we could go to court on it, but this is, frankly, not a very nice house. It needs tons of work, and since we see this side of the man, we don't want his house anymore. We only took it because our credit is still recovering and we didn't think we could get a mortgage back then. I'm still afraid we can't, but there is also hope that we can.
We are working with a big mortgage company and the woman who is representing us is used to doing loans for people with so-so credit. I hope we get a mortgage. We only need $60,000 for the house of our dreams as home prices are very cheap out here in small town Wisconsin. We can afford it and have built up some credit within the past six years (at least hub has--we're doing it under his name). The mortgage company is being very optimistic. She's acting like it will happen. I'm scared to death because we have no choice--we have to get out of here. We don't want to fight this jerk in court. It would probably be expensive. He probably does this to lots of people and we are just more of his dupes.
If anyone knows of good lenders for people with less-than-great credit PM me . Aside from that, we are crossing our fingers. If we are turned down completely, we will have to purchase a mobile home. I drove through a nearby park today and some of the units are really nice, but they are very small for four grown people (my kids are grown people size) and four dogs and we won't part with our pets. Fortunately, though, they do their own financing and are more flexible than banks.
I was thinking that NOBODY would give us a mortgage in this day and age, but actually this lender seems enthusiastic. I don't know if it's because hub has stable job (works for the county and his job is secure). I don't know if it's because so many of the houses are standing empty. I don't know if it's because we aren't needing a big loan, like you do in so many big cities. I'm doing my best to stay positive. I really don't want to try to cram all of us into a trailer.
Any creative suggestions are welcome. I know that all of you have many different talents and knowledge and sometimes you know things I don't know. Thanks for reading