A Family 's Best Chance At Getting Back On Their Own Essay

1002 Words Dec 17th, 2014 null Page
Wow! Rent to Own! It gives the family that has lost their home to foreclosure a second chance to regroup, re-establish credit and potentially take advantage of today 's real estate market, while putting those significant lessons learned into practice.
First of all, it 's hard to say that folks in this category have checkered pasts. Sometimes, job loss, illness or other catastrophic event scan thrust families with decades of good financial records into the most dire of circumstances. Savvy lenders are going to look at a family 's situation in a holistic manner. Was the family good at saving? Were they always on time with their bills? How long did it take them before they finally were unable to make payments on their house? Or were they overextended from the beginning? All of these things should matter when a lender is making a decision on a loan for a family.
But what is a family 's best chance at getting back on their feet? One thing that family is going to want to do is to reestablish credit as quickly as possible. Many times after foreclosure, it can take anywhere from 2 to 7 years to get considered for a loan. In that time these families could be struggling to feed their children, clothed them, and pay the day to day things that other families don’t necessarily have to think about. Doing things such as getting gas for the family car and buying groceries become a dangerous struggle. We all know that markets can change considerably in a 2-7 year time frame. So if real…

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