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

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

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

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. The End For more details, please visit: https://homeownersoon.com/