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Hi...I need some imput.


I have weighed both pros and cons of this issue and we still haven't been able to

decide, so I thought I would get some impartial opinions! Here we go....


DH and I have about 170K in medical bills (all Mine). After robbing Peter to pay Paul for the last 5 years, we

got behind on our rent (were 10 days late 1 time) and had an eviction filed against us on March 31st. (As it turns out, I have a friend who works at the Prop. Mgmt Co...she said owner owns 5 properties and wants to sell them all...he can more than double his money in the SW FL market). We took a long hard look at where we are financially, and decided to file pro se Chpt 7 BK. This has temporarily stayed the eviction process.

Here's where we are undecided as to what to do. We are moving to the Charlotte NC area (this was a planned move for the past 7 months) and have found a house that the owner is willing to lease option to us. Price is $259,900....Owner has agreed to do a 2 year lease option at that fixed price, with $0 down and $2200 per month. We feel the home is well worth the purchase price, but the $2200 month will be steep for us. (we pay $1800 now). The question is, should we bite the bullet NOW and purchase the house (Owner has done no credit check or checks for tenant history), or try to wait a while a find something a bit less expensive monthly? DH's income will be in mid $70k range, we have 4 children will have no other debts after the Chpt 7 is discharged other than a $300 auto loan. The one thing I don't want to do is not act on this house, and then lose the possibility of renting/purchasing another due to the eviction history.


The house is in an established area of more expensive homes, with the average price around $300K. It is in an excellent school district, but the only thing is the monthly payments. It does have a small carriage house that can be used as a rental apartment...will probably produce $500 a month income.


I have done research and we will be able to purchase the house as a REFI after 12 months on the lease-option contract, but my concern is will my credit be where it needs to be within a minumum of 12 months and a maximum of 2 years to purchase the house? Current credit scores are low 500s for both DH and myself.


Thanks for all input...ANY IDEAS? I want to hear them all...we have to have the signed contract

faxed back by Friday 4/14, so I don't have alot of time to decide!


Undecided in FL

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