If it’s too good to be true, it just might be!
Rent-to-own your own home: 7 years or 18 years later?
It’s a fixer-upper, but it’s a home. In a credit desert, hard-working families have found a way to buy a home through these contracts.
We have visited with families in
Pittsburgh, PA; Youngstown, Oh; Akron, OH.
What’s the catch?!
There is a balloon payment at the end of these contracts and many families will not own their home.
As we look closer at these contracts: land contracts, rent-to-own, lease-to-own, triple net lease, lease purchase, contract-for-mortgage, contract-for-deed, we find that many owners will not be the homeowners at the end of the contract. These companies ask for a balloon payment of thousands of dollars and instead of a deed, these families find themselves evicted.