FLORIDA BAD CREDIT CASH OUT FOR DEED/FAST CASH DEED LOANS
If you own a Florida home and have bed credit and need additional cash but you have too much outstanding debt to qualify for a Florida cash out refinance there are other options! Most bad credit Florida mortgage applicants with equity in their Florida home need cash out today but cannot qualify for a Florida mortgage because they have to many 30 day late pays, judgments, or other debts reflecting on their credit report. The good news is that you may still be able to get cash out today in exchange for your deed.
HOW DOES CASH FOR DEED PROGRAM WORK? You can SELL YOUR HOME TODAY for CASH TODAY to repair your credit or spend how you choose. You can then LEASE YOUR FLORIDA HOME BACK as a tenant from an investor until you can repurchase or sell the home within the option timeframe. When you sell the home today to an investor and become a tenant with a lease to repurchase the home for a specified price within a specified time frame. WARNING if you do not repurchase the home back within the specified time frame you could lose the option and all the equity in your home.
HYPOTHETICAL CASH FOR DEED SITUATION
Florida Homeowner owes $100,000
Home Value $200,000
Quick Sale $130,000
Qick Cash $30,000
Homeowner becomes tenant with lease plus option to buyback $160,000
Tenant may also sell for market value for 200k-160k making = $40,000
HYPOTHETICAL NOTES: Previous bad credit homeowner receives a lease and becomes a tenant with an option to purchase the home back at $160,000. Or Tenant may sell the home above 160,000 keeping an excess above the $160,000 owed to the investor per the option agreement. For example tenant decides not to repurchase the home back at 160,000 the tenant could sell the home at $200,000 paying the investor back 160,000 keeping $40,000 in excess above tenants option to purchase back.
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Other Bad Credit Loan Programs Include: