I NEED HELP FAST!!!! - Posted by Ms. P.

Posted by DJ-nyc on March 05, 2009 at 14:12:39:

Is the house in default? Why the urgency?

"It was NOT set up as a lease/purchase so no money went towards the purchase"
So, were you renting? Sounds like you need a Partner. My advise is get on the phone and call up all family members and friends or just continue renting or find another place to rent. Good luck.

I NEED HELP FAST!!! - Posted by Ms. P.

Posted by Ms. P. on March 05, 2009 at 09:59:06:

Time is running out! I have a home that I have lived in for four years. I have never missed a payment. I have detailed payments as proof. Now is the time for me to buy the property. It was NOT set up as a lease/purchase so no money went towards the purchase. However, the sellers are willing to adjust the purchase price for closing. The house has $85k worth of equity in it. I have money set up to buy it at my contract price of $205 (this is absolutely guaranteed). But this person is just doing it for a double close and not loaning money. I have it under contract, but I need another party to come in and be the end buyer and then walk away with 1/2 the equity and leave me with the house and debt. My original intentions were to have a partner buy it at about $265k and we split the equity. Well, that all sounds good, but I can not find a partner or anyone willing to step in. I even have the lender set up for the end buyer at about a 650 score. I can’t finance it myself (don’t ask) I am absolutely positively sure I can not do it. I can not lose this deal because this is my home so if I don’t get a partner can anybody tell me what else I can do to make this deal fly. By the way I have got to get this done by March 20th at the latest. Thanks

Re: I NEED HELP FAST!!! - Posted by Wheatie

Posted by Wheatie on March 05, 2009 at 19:23:18:

How is someone going to “walk away with half the equity”? If this buyer buys the house for $205, where does their $42.5K come from? Isn’t a buyer going to have to make a down payment? And you want them to buy the house, and immediately sell it to you “subject to” and walk away with a loan on their record and count on you to pay it? I must be missing something.