Ok first off, I have bad credit, including an eviction. When I was 19, I was pregnant & in college & my bf was starting a new job. Then I fell on the stairs, started bleeding, & went on bedrest. My lousy bf heard that it's illegal to evict a pregnant woman in NC, so he never started his job. I couldn't do anything about it, every time I even moved I risked a miscarriage, you know? The eviction ended up on my head.
I'm self-employed, & I do have large gaps which I may talk about later. There's no way I can qualify for a regular mortgage. I found an owner-financed property that is PERFECT for me & my kids. But I'm scared about even qualifying for those lesser terms.
I have a rich friend who offered to help & give me $6,000 to pay 15 months of payments. I would want the money to go towards that instead of a down payment. Could the seller & I put that money in escrow, and then have her deduct money every month for my housing payment? I'm trying to relieve her risk here
2007-10-31 08:47:51 · 6 answers · asked by merebear83 2 in Business & Finance ➔ Renting & Real Estate
My son is autistic, & I've been giving him therapy all by myself for the past few years instead of throwing him in an "autism class." (He kissed me yesterday, and his language is improving, etc!) But when things get tough, I have to quit working for a while so I can focus on him. I'm living with my mom to help.
I am trying to get my son a special homebased therapy soon, which I need to supervise...but it will free up some time for me to work more. He needs this so much, but Mom doesn't want the therapists in her house all day. Plus, she keeps on claiming me as a dependent and preventing me from getting a tax refund every year, even though I pay for all my food and personal expenses and my kids, except the extras she wants to do.
The same friend that is giving me the monetary gift is also offering me a part-time job as a cook. And I'm pretty sure I'd be able to earn a VERY decent income by the time the 15 months are over. I just need a "boost" to help me get started.
2007-10-31 08:55:01 · update #1
First off, I don't think my mom really pays 50%.
Second, remember that she won't let me get my son the homebased autism therapy that I have researched so much, and think is best for him. My son won't get that as long as I'm here. He's making more progress with just me than the kids in the public school autism classes are, but I know that the team of therapists could make an even bigger difference. Plus, even though I'd be required to supervise, the fact that I won't be doing the therapy drills by myself will free up a LOT of time I could use for working from home.
Other people have been very impressed with the sacrifices I've made for my son, and the great progress I've made with him, and most moms wouldn't do what I've done. I just see this house opportunity as a step-up, because it would give me time to focus on my son's therapy and my work at once. As long as I'm here, he can't get that therapy, and it takes time away from my work. But I can't stand the alternative.
2007-10-31 09:31:05 · update #2
your two answers below from kate and stacy have good points,but to me it sounds like ypu are better off at home with your mom and as long as she pays fifty percent of your income and your in her house she can cliam you as her dependent.
2007-10-31 09:04:36 · answer #1 · answered by mushroom 3 · 0⤊ 0⤋
To answer your initial question, yes, the seller absolutely can put that $6,000 into an escrow account and pull from it every month for 15 months. With seller financing, almost anything will work as long as the seller agrees with it.
Also, the following website is not up and running yet, but it should be within the next couple of weeks. My cousin formed a non-profit organization that raises money to assist the needs of autistic children who's parent(s) cannot afford treatments that are potentially very important for the child's development. (Her son, my second cousin, is on the autistic spectrum.) The website address is www.goldenfundautism.org.
Best of luck to you.
2007-10-31 14:11:13 · answer #2 · answered by Hopeful Home Solutions 3 · 0⤊ 0⤋
You could inter in acontract called a AITD (all inclusive trust dead) where the title is in your name and the loan is still in sellers name. Think of this as a sub lease...As long as the lender does not call the loan due and payable you are good to go...I would on the second half not quit my job and get another job to pay for the nanny and you will in a year or tow clean up your credit and own that home. You will have to get down and pull up those sleaves and work but my ? to you is is it worth it? If that answer is yes then have at it-Trish
You can reach me at flatpercentagefee@yahoo.com
2007-10-31 09:30:12 · answer #3 · answered by flatpercentagefee 1 · 0⤊ 0⤋
Only the seller can really find out if she can do this.
I’ve been paying my rent quarterly for the last 3.5 years, even though it’s billed monthly. My landlord keeps the excess in escrow until the next month rolls around. It does seem to be possible, but I’m not sure how an individual goes about setting this up.
2007-10-31 08:55:26 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I suppose you and the seller can enter into a private contract .
Odds are that you will not end up owning in the long run due to real time property ownership obligations but you won't be any worse off than you are now .
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2007-10-31 08:53:59 · answer #5 · answered by kate 7 · 1⤊ 0⤋
See if the seller will do it on land contract or rent to own. Land contracts tend to be the bad credit loan
2007-10-31 10:14:04 · answer #6 · answered by W. H 2 · 0⤊ 0⤋