GA, Residential, Purchase, $275K, FICO, 70% LTV
Posted on 11/4/2014 3:37:04 PM
My story isn't too different from so many. My long-term marriage dissolved, I was relocated, then was out of a job for 18 months, resulting in three foreclosures (my marital home, the home I built for my now ex-wife to try to save the marriage, and a rental house in Georgia), and bankruptcy (discharged) all beginning in 2008. Over that period, I saw my credit go from 800+ to under 500, and am currently having an attorney clean up my wife's and my credit report. My current score is 645. I've been employed as Underwriting Manager at N-Surance Outlets, Inc. in Roswell, GA for 4 years in November and will happily have the divorce settlement paid off in January. I've been renting for 5 years, paying $1500 per month with never a late payment.
Naturally, I won't qualify for conventional financing. My hope is to find someone who will either pay cash to purchase the house I'm looking at (in the 250k - 300k range), then lease purchase it back to me, or simply lend me the cash and pay the money back monthly. I won't have any up front down payment to speak of until 2015, but could structure a deal where there's some kind of balloon payment due at that time or possibly the end of the year.
I know there's someone out there who will see the opportunity. The home we are interested in is in Talking Rock Georgia, originally sold for $600k, is a recent foreclosure, estimated resale is $455k they’re asking for $250k. It is priced well below market for this rapidly recovering area.
Please let me know if you have interest or know someone who does.. Thank you for your consideration.
Gary (and Martha) Alexander