Hi - I need some help please with a complicated situation! My husband and I own a rental property that we need to sell now. We told our renters and they tried to buy it, but they weren't able to. Now, a mortgage lender has mentioned a lease-purchase to us and them?!? Our goal is to get our equity and have the home OUT of our names. Our renters (who we are very sympathetic to as she is also my sister) goal is to stay in the home and then have a chance buy it later on. They believe they will have the credit to do so in about 6 mos. to one year. They can't put money down, and their main concern is "how much per month though?" How would this work? Would the company own the house, our renters, or us? The mortgage company also mentioned in the same conversation a re-finance by us, but how would we get ALL of our equity and have our name off of it if we re-financed? I don't understand this at all, but any help anyone could give would be greatly appreciated!! Thanks so much... :)
2007-02-02
09:49:12
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2 answers
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asked by
Jill H
1