Posted on: 15th Jun, 2010 06:17 pm
we don't want to give up our home but we have a variable loan and the interest rate just went up from 6% to 8% and our payment went up from $1200 to 1450 a month, which includes the escrow. this is getting to hard to keep up with, and we h eard that there was a way that we could quit claim deed (deed in lieu), investor would buy and rent back, what is that called and what do we have to do?
Hi ortizsilva,
I guess you are speaking about rent to own a property. In this case, you will be renting the property for a certain period of time and then take out a mortgage in order to buy the property. In order to rent to own a property, you will have to sign such an agreement with your investor. You can get in touch with an attorney who will help you in getting the agreement drafted.
Thanks
I guess you are speaking about rent to own a property. In this case, you will be renting the property for a certain period of time and then take out a mortgage in order to buy the property. In order to rent to own a property, you will have to sign such an agreement with your investor. You can get in touch with an attorney who will help you in getting the agreement drafted.
Thanks