How A Buyer Is Not At The End Of The Lease Period Essay

Too many Americans have fallen victim to the crisis that has become the norm for our citizens these days. Lenders no longer want to work with individuals who have gone through the foreclosure process and for many it is not only their homes they lose. Some have lost their jobs and/or families, others fall into a deep depression and worst of all some have taken their own lives.

Because it is so risky and unconventional, owner financing is uncommon. When a seller is willing to offer financing, it may be because they want to minimize the carrying costs while waiting to find the perfect buyer and sealing the deal quicker, increasing the possibility of garnering the property?s full price value, getting a down payment to buy another property, distinguishing the property from other similar listings in order to get it sold quicker (especially in a bad housing market),

We represent Thompson Laurie DiNoto, the Tenant, under that certain Residential Lease dated July 3, 2017. You are hereby notified that Mr. and Mrs. DiNoto rescinded the above-referenced Residential Lease under the terms of which they took occupancy of Lily Unit #127. This rescission is made on the ground that (1) the Premises are not in a tenantable condition; (2) the monthly rent charge of $7500 was substantially in excess of the advertised rate of $6,000 per month in violation of Business and Professions Code sections 17200 and 17500, as well as section 43(A) of The Lanham Act; (3) the Residential Lease is unlawful in that it omits required disclosures under federal and state law.

The foreclosure crisis that took over the United States a few years ago left many people facing economic hardships. This crisis happened because there was a huge housing bubble that was unsupported by actual home values. The bubble began bursting in spring of 2008 and the crisis culminated in mid-2009. Many lenders went out of business and many home owners began losing their homes. When the government became aware of this problem and began to implement new programs, it was already too late for many homeowners. Those homeowners are not at a point where they might be considering buying a new home. The housing crisis has created new rules, regulations governing the mortgage industry, and has also created a new agency dedicated to consumer protection. This consumer protection agency is called the Consumer Finance Protection Bureau. These dramatic changes have helped to create more responsible lending. The improving market conditions such as low housing costs and competitive interest rates are allowing those affected by a foreclosure to become homeowners again. Prospective buyers have a multitude of programs available to them, so even those with less than clean slate have several options.

The economic decline has possible home buyers, especially first time home buyers, scared to invest anything into the housing market. With the fear of another depression in the back of everyone's minds, some businesses are attempting to clarify the pros of home ownership.

Rent-to-own is an option that helps the seller and the potential buyer by allowing the potential buyer to save some money and secure the loan or funds they need to actually make a purchase. With the problems of too many homes on the market due to foreclosures and short sales, rent-to-own is a good option for the everyone involved. This option gives the owner a

“Wholesaling” or “flipping” is entering into a contract for the purchase of a property and then, before the sale goes to closing, assigning to a third-party buyer (in return for a fee) the right to buy the property.

- he can sell to his friends his expertice and knowledge of the market and "demand"

Renting to own is a viable option for many financially-stricken Americans by eliminating the high costs of down-payments. Renting to own allows the seller to lock in a sale price while renting to another party, usually a small amount higher than a mortgage, but it allows the buyer to rent the house under contract until ready to purchase. The process keeps the seller from paying multiple mortgages without income, and it benefits the buyer by giving a viable alternative for home ownership instead of traditional

For those who had the unthinkable misfortune to lose their home and go through foreclosure, it isn’t the end. In fact, if they still dream of becoming homeowners again, it can happen. It may take a while, years in fact, but it can be done. The first thing a potential boomerang buyer (previous foreclosure victim in the process of transition to own property again) should do is to be educated on the recovery process after foreclosure. Foreclosure doesn’t necessarily begin the day you pack up, move, and turn over your keys to the bank. Foreclosure could literally take years after that. A foreclosure is listed on your credit report for seven years. It may be listed longer, but it can really only be held against you for that long. However, this doesn’t mean you have to wait seven years or longer after foreclosure to purchase property again. The time you have to wait will largely depend on the lender, the type of loan and your credit.

The primary difficulty facing “Boomerang Buyers” is the bad credit that is haunting them. The best way to get out from under that cloud that follows them is to demonstrate good financial sense. A rental option is a good tool for this. You can negotiate rates and lengths of contracts to fit with what the “Boomerang Buyer” can comfortably agree to. The downside of this traditional arrangement is that at the end of the rental period there is nothing other than improved credit ratings to show for the money expended. A rent-to-own option on the other hand sits in the middle between a pure rental and a pure mortgage. You can negotiate your rental rates and contract terms like with a rental property but a portion of the monthly payments is turning into a potential asset if financial circumstances still hold positive over the period of the contract. The other benefit to the “Boomerang Buyer” is that as long as they have not over contracted themselves for rent they can walk away from the investment without suffering legal action and credit consequences.

Banks, along with other lenders nationwide, have made things tougher for folks who want to buy a house. The requirements for conventional mortgage loans today make it extremely difficult for someone who doesn't have stellar credit to find a loan. FHA home loans are there for people with lower credit scores, yet the guidelines for such loans are a lot stricter than the VA home loan standards.

Banks now offer programs to help homeowners/homebuyers, but many times, these loans are often hard to obtain. The current programs have more stringent requirements that are unreasonable for distressed homeowners. In my opinion, the only way to rectify the foreclosure issue is to make a substantial change in how potential homebuyers and homeowners obtain loans.

Down payment: For purchase loans usually customers are required to make a big down payment.

It is not likely that OGED has violated any written or unwritten terms of the lease based on the language in the lease and the described facts. Thus, the lease is likely to still be in force; however, there are a few claims that Lucille and Desidrio Junior, assuming that is who you meant by “Charlie”, might bring.