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| hulamama |
 Posted: Thu Mar 24, 2005 1:44 am Post subject: Rent to own property |
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Investing Associate
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What way do you think is the best to pay off a rent to own property. We have agreed to pay a lump sum, then within 2 to 3 years pay off the rest, with a monthly "rent" until the payoff. I have really bad credit at the time, so a loan from a bank is out, if I pay off my debts will my credit score improve? is there another way of doing it?  |
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| thrilla |
| Posted: Fri Mar 25, 2005 8:01 pm Post subject: Re: Rent to own property |
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Investing Sr. Associate
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| hulamama wrote: | | What way do you think is the best to pay off a rent to own property. We have agreed to pay a lump sum, then within 2 to 3 years pay off the rest, with a monthly "rent" until the payoff. I have really bad credit at the time, so a loan from a bank is out, if I pay off my debts will my credit score improve? is there another way of doing it? |
If your debts consist of delinquent accounts, then I would suggest you contact the collections agency first. Most are quite willing to make a deal with you to remove negative history from your credit reports if you pay your debts. Make sure you get any agreements in writing.
As for your current situation, a rent to own isn't necessarily a bad situation. It really depends on how much of the rent is going towards the payoff as well as other components of your situation. Keep in mind that there are other implications with owning a property (such as taxes). |
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| hulamama |
| Posted: Fri Mar 25, 2005 9:01 pm Post subject: Rent to own property |
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Investing Associate
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| What do you do about debts that have been there for 7 years, but they keep changing collection agencies to keep the date current? |
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