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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, you're going to have to have some money.. Posted by Ward-CA- on April 30, 2002 at 7:24 AM In Reply to: No money down posted by Debbie T on April 29, 2002 at 4:06 PM : Is it true you can actually buy a home with no money down, no credit, or a home in foreclosure? I understand you are supposed to be able to do this using a Lease Option to Buy and a Quick Claim Deed. I'd appreciate any information you can provide. Thanks much =•=•=•=•=•=•=•=•=•=•= Debbie, Well, you do need money to reinstate the unpaid mortgages, the unpaid property taxes, and give the departing owner enough to move elsewhere. I’d imagine you need about $10,000 minimum. And though you can use an option to buy, I wouldn’t suggest it. I’d want to get title to the property as soon as possible so the heck to suggesting the use of a lease option. If you’re trying to get around doing a formal assumption of the defaulting owner’s loans then just have her deed the title of the property to her trust, naming you as the trustee. Then after she sent out a letter announcing to her lender and insurance company that she transferred her title to her trust then I’d pay her the cash I promised for the 100% assignment to me of all of her beneficial interest in the trust. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Is it true you can actually buy a home with no money down, no credit, or a home in foreclosure? I understand you are supposed to be able to do this using a Lease Option to Buy and a Quick Claim Deed. I'd appreciate any information you can provide. Thanks much : =•=•=•=•=•=•=•=•=•=•= : Debbie, : Well, you do need money to reinstate the unpaid mortgages, the unpaid property taxes, and give the departing owner enough to move elsewhere. I’d imagine you need about $10,000 minimum. : And though you can use an option to buy, I wouldn’t suggest it. I’d want to get title to the property as soon as possible so the heck to suggesting the use of a lease option. : If you’re trying to get around doing a formal assumption of the defaulting owner’s loans then just have her deed the title of the property to her trust, naming you as the trustee. Then after she sent out a letter announcing to her lender and insurance company that she transferred her title to her trust then I’d pay her the cash I promised for the 100% assignment to me of all of her beneficial interest in the trust. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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