Have You Been Declined For Home Financing Or Facing Power Of Sale?

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Have You Been Declined For Home Financing Or
Facing Power Of Sale?
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Synopsis

1. Credit Management Myths According to Home Owner
   Soon
2. Home Owner Soon and the Rent to own Programme
3. Rent to own Condos in Toronto
4. Rent to own Frequently asked questions
5. What does power of sale or foreclosure mean?

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Credit Management Myths According to Home Owner
Soon

• My credit will improve if I cancel my credit
  cards
• While this could be the case for some situations,
  generally speaking credit management companies
  find it preferable to have at least one active
  account.
• I am not entitled to credit if my score is low
• There is actually a great deal of things that
  having a low credit rating score could damage.
  For example, you may not be able to sign a
  tenancy agreement if the landlord does not trust
  you. This can also affect your ability to find a
  job as well as successfully applying for
  insurance.

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Credit Management Myths According to Home Owner
Soon

• Up-to date payments mean that my credit card does
  not affect my credit score
• This is one of the biggest rumours circulating
  the business today. There is a direct link
  between to the balance on your credit cards to
  your credit score.
• Too many queries will damage my score
• This could hurt your score if you are a credit
  seeker, however, there will be no consequences
  for your credit score if you choose to browse
  mortgage or car loan rates within 14 days.
• Financing old collections will increase my credit
  score
• This is most certainly not the case. If one
  decides to pay an old collection it will then
  reactivate the aforementioned collection on your
  credit report. This will be communicated to the
  company as a recent collection and actually cause
  your credit score to go down.

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Home Owner Soon and the Rent to own Programme

• Rent to own programs are quite easy concepts to
  grasp. Clients are assigned their own real estate
  agents to help them track down their perfect
  home. Next, contracts are written up which go
  over the financial details of the programme and
  lease. Your application is that scrutinised by
  the underwriting department to make sure an
  ownership plan can be put in place for the
  future. Then the contracts must be overlooked by
  a solicitor or agent so that you may sign it and
  further the whole progress of the programme.
  After accepting the terms of the contract and
  sending Home Owner Soon back the feedback and
  conformation, the estate contracts are signed and
  your funding partner buys the house on your
  behalf. A contract between you and your funding
  partner will already have been written up and
  agreed upon somewhere down the line of your
  application that basically says you will take
  over and become the home owner in the next three
  years or so.

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Rent to own Condos in Toronto

• A lot of people who are looking to buy a condo in
  the lovely city are often finding themselves
  turned down by banks and lending companies even
  people who do own condos in Toronto are being
  evicted due to orphaned mortgages and sub-prime
  borrowers.
• This is where the Canadian based company Home
  Owner Soon is able to offer assistance. They are
  a business that work to ensure that families get
  the chance to own their dream home or condo some
  day with a series of stable programmes, such as
  the rent to own, or lease purchase programme in
  Toronto.

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Rent to own Condos in Toronto

• Their unique lease purchase programme beings with
  a simple down payment as well as additional
  closing costs such as independent legal advice
  and home inspection charges. If you are not in a
  position to pay the fees right away, the cost can
  even be taken away from the equity that can
  already be taken from your property. The company
  even offers training seminars for people who are
  making the jump between renting a property and
  owning one. They help you budget and organise
  your finances for any impeding additional costs
  like the ones already mentioned above. You are
  provided with all the support needed to stabilise
  your credit rating, this will put you in a great
  position to qualify for a mortgage in the future.
  
• This programme lets you take a portion of your
  rent money towards a future, more traditional
  mortgage. You are guaranteed to leave this scheme
  with a perfectly acceptable credit rating
  regardless of the score you had before the rent
  to own Toronto programme.

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Rent to own Frequently asked questions

• Will I still qualify if I have a bad credit
  score?
• The amazing thing about Home Owners Soon is that
  they do not work for people according to their
  credit history. Your current credit will never be
  a deciding feature when deciding your
  applications approval.
• If that is the case, what are the reasons that my
  application will be declined?
• There are very few reasons why your application
  may be rejected. These could be anything from a
  missing down payment, a badly damaged house to
  unstable income and an inadequate purchase price.
  
• Will I be charged if you accept me into your
  scheme?
• In order to activate contracts there will be a
  starting fee of ninety-nine dollars. This fee
  however is not payable until the funding has been
  approved by the various company departments.
• Does my monthly payment include property tax and
  insurance costs?
• As a client, you are needed to pay a resident
  insurance policy cover in order to keep your
  belongings safe inside your property. Also, as a
  tenant you will be held responsible for all of
  the appliances and utilities in your home, as
  well as any and all upkeep that your property may
  require.

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Rent to own Frequently asked questions

• Will I get the chance to choose my own home?
• All clients are given the opportunity to pick the
  kind of real estate that they wish to live in.
  You can choose any area that you feel suits your
  needs as well as being able to pick your own
  price range that will cater to your financial
  needs.
• Who will be paying the maintenance of my new
  property?
• The only person responsible for the general
  upkeep of your new home is you. On the plus side,
  any changes that you make either to the
  exterior of the house or to the interior will
  probably be a very good investment for the future
  as this will increase the value. It is important
  to keep this in mind.
• Who is performing the home inspection?
• Every single property that is screened through
  Home Owners Soon is thoroughly inspected be
  professionals who are fully equipped to ensure
  that your new home will be in a perfect
  condition, just ready and waiting for you to move
  in. However, you yourself will have to pay for
  the cost of the home inspection, it is also up to
  you which inspector you would like to carry out
  the inspection but we will provide a list of
  highly recommended companies and personnel that
  you can choose from.

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What does power of sale or foreclosure mean?

• Strict foreclosure. This is when the lender asks
  the court for the deed to a house in lieu of
  organising a court-ordered sale. Toward the end
  of the whole process the lender will be in
  complete ownership of the title to the house and
  is under no pressure to sell the deeds.
• REO foreclosure. A REO foreclosure is the name
  given to a property legally owned by the bank
  that was given back to the lender after a failed
  action during the foreclosure battles.
• Pre-foreclosure. This is when property owned by
  an individual that is going to be forced to
  foreclose by the lender. This is likely to happen
  if the tenant has fallen behind on their rent or
  mortgage payments. It also means that the
  properties will be sold for less than they are
  worth on the market. Thus, the seller will make
  staggering profits when buying the aforementioned
  properties.
• Non-REO foreclosure. By definition, this is
  describing a property wherein the foreclosure
  process was completed without any kind of
  problems. The buyer will pay the full amount owed
  to the lender of the scenario, this will include
  any legal costs, interest or mortgage balance.
• Non-Judicial foreclosure. This is a foreclosure
  that was not approved by the courts, otherwise
  known as power of sale. These foreclosures are
  passed through much more quickly than the other
  kinds. Instead of a few months for the family to
  sort their affairs and find a new house or living
  situation, tenants are only given a few weeks.

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What does power of sale or foreclosure mean?

• Judicial foreclosure. This is a foreclosure in
  which the lender uses the courts to make a
  judgement to sell the deeds to a home or to reap
  the balance of the mortgage and other bills.
  These are typically slower than other
  foreclosures and can take up to half a year to go
  through all the legalities.
• Friendly foreclosure. A friendly foreclosure is
  another phrase for deed in lieu of foreclosure.
  This means property is willingly given back to
  the lender which actually eradicates any need for
  a foreclosure (this is why it is referred to as
  friendly).
• In-Substance foreclosure. This is when the bank
  has already repossessed the property in question
  despite the fact that no prior formalities
  regarding the foreclosure have taken place. This
  could actually possibly happen after a friendly
  foreclosure wherein the tenant grants the
  property back to the lender to fulfil any
  outstanding mortgage finance.
• Foreclosure. Finally, the most well practiced
  foreclosure is wherein the lender is forced to
  take legal action against the tenant as they are
  not paying their bills on time, or even at all.

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The End

• For more details, please visit
• https//homeownersoon.com/