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SEOGirl

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  1. Yes, our lease does give us $250 per month of our rent that is being allocated for our downpayment. I definitely understand and am aware that if you choose to list allowable business deductions when filing your taxes that is factored in your gross income. Our taxes were based off the sq footage of our home and the home office which gave them a formula for allocating a percentage of our monthly rent, utilities & house repairs that reduced our taxable income. I had suspected that since those were expenses related to home ownership they wouldn't be removed from my income that determines how m
  2. Hello, My husband and I have been patiently waiting to buy a home for years. We had a lot of obsticles that kept us from being where we needed to be that we have now overcome. We have been in a lease purchase for the past couple of years for a home that we will be purchasing for $250K and we have accured about 10K for the downpayment though we may be able to come up with a few grand more if needed to close. Here are our current issues: I am self employed & my spouse is on SS Disability. His income is non-taxable. Majority of my income is through a contractor position that I have he
  3. I did some research. We are listed to the deed. The deed was last recorded on Oct 23, 2009 when we closed. It has the original owners as the primary names on the deed with us listed under "Contract to:". Date of last sale is also our closing date and purchase amount so this is a true recorded sale.
  4. We live in Iowa. Both sides each had a real estate agent and the closing was handled by a real estate attorney (who happens to work with the same firm that is representing the bank in the foreclosure). Basically in a contract purchase, you write up a contract with the agreed upon terms of our "mortgage" with the owners of the home. We had a 7.0% interest rate with a 15 year amortization and a 5 year balloon. The original owners are still responsible for paying the real estate taxes (however they are wrapped into our mortgage). These types of transactions are fairly common in our state, however
  5. Thank you. I am hoping this is just a formality that is required to get us to "sign off". My main concern is obviously worried about it affecting our credit, especially now that we are so close to being about to get a mortgage on our own. I did make an appointment tomorrow with an attorney, but I really would like to avoid a bunch of legal fees if possible.
  6. I was under the impression that our names would be added to the deed. But am still digging through our paperwork. Can a foreclosure be added to a person's public record and credit report if they are not on the mortgage nor were they properly notified of this foreclosure?
  7. We have a unique situation. In 2009 we bought a house on contract from a couple. At closing we discovered that they still had a mortgage on the home for about 9K more than what we bought the home for. Our Realtor at the time, ensured us that we'd be fine, as we deposited our mortgage payments into a savings account at the bank that held the couple's mortgage and the payments would be taken from that account. We also learned that the couple's payment was about $150 more each month than what our payments were. About 1 year later, the husband died. We spoke multiple times with the wife over t
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