Rent-to-own is the best option for those suffering home foreclosure because it allows people time to financially build back on their feet while living in a home potential for ownership. After falling in the misfortune of home foreclosure, it becomes extremely difficult for victims to seek external financing to help put them in another living quarter. With this particular option, potential buyers are able to enter an arrangement, typically 3 to 5 years, where they pay an agreed …show more content…
Through this option, the buyer has to make a costly down payment, varying with the cost of the home, and the bank would finance the rest, adding on an obligation to pay the bank the funded amount plus accrued interest over the life of the loan. Through Rent-to-own, the outcome of owning the home is the same, but the steps leading up to this commitment makes all the difference! Renting to own allow these victims to save money during the duration of the Rent-to-own contract, build credit and overall put the buyer in a better position to accept such a large life and financial