BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Jose Viscencio

Posted by Bruce Lawson on October 24, 2001 at 11:08:21:

Hi Enrique,

To start reporting credit information on your tenats all you need to do is call them and register as a landlord,be sure you report accurate information as per the FCRA because it is the law.

Sincerely,

Bruce Lawson

BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Jose Viscencio

Posted by Jose Viscencio on October 10, 2001 at 22:54:07:

I am totally new and green when it comes to Real Estate and Financing. Motivated by so many informecials and the need to own, I commited my self to an “LEASE WITH AN OPTION TO BUY” contract, My credit is beyond bad, my hope is to utilize my two years as tenant on this property and good rent paying history as leverage on my favor when it comes to financing, Am I dreaming the impossible dream? or a lender would even consider this a major plus?

Thank You

JV.

Re: BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Justin B.

Posted by Justin B. on October 11, 2001 at 12:39:52:

Jose-
If you need a little help with your credit, let me know. I work for a collection agency and know just about all the in’s and out’s of credit reporting and repair. I’ve helped people out in the past and everything I do for them is completely legal.

-Justin

Re: BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Brandon Morris

Posted by Brandon Morris on October 11, 2001 at 12:17:43:

It has been my experience as someone also with BAD(Horrible) credit that assuming you do not have delinquent accts open on your credit and you are making payments on time with your lease option or even a new loan if you have 5-10% down you should be able to own your home.

I DO have some delinquent accts. and bought my first home 3 months ago. zero down. owner finance. I was out of pocket, $800 to move in…

Hope that’s some motivation for you. Good luck.

Brandon Morris

Re: BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Bruce Lawson

Posted by Bruce Lawson on October 11, 2001 at 11:13:46:

Hi Jose,

No you are not following an impossible dream lenders will consider your application as long as you show a positive repayment schedule during those two years, you want the seller to report every month to all three agencies. Make sure you find out how much of the lease money plus your down payment will count towards your down payment when you are ready to purchase.

Jose you should make some effort to repair your credit report the Fair Credit Reporting Act is in place to protect the consumer from inaccurate information being reported, but mistakes do happen and we pay for it through high interesr rates and credit denial.

Sincerely,

Bruce Lawson

Re: BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by Enrique

Posted by Enrique on October 24, 2001 at 08:12:53:

Bruce-

I have a few L/O deals going right now. I was wondering how I, as a L/S, would report my tenants payments to the credit agencies. I think it could only help getting my tenants finaced at the end of their lease. Thanks

Enrique B. Romano

Re: BAD(HORRIBLE)CREDIT WITH An OPTION TO BUY - Posted by EdG

Posted by EdG on October 11, 2001 at 12:46:25:

Jose,

Try this site. People post a lot of good credit information here.