Sunday, March 05, 2006

I prayed and I prayed... Oh Lord... I prayed all night long!

I prayed and I prayed until I found the Lord....My soul...

My landlord sent me this, this morning. I need guidance from the Most High... so I am asking everyone to pray for this with me... I need to know what to do... These are times when I hate that my husband is not here... Big Decisions that I must make quickly and alone.. My husband says he trust me to make the right ones... but I don't trust myself... How does that work??? So family and friends.... Pray that the Lord will guide my footsteps to where he wants me to go...

I almost rented out the 1brm unit, but I decided to explore your request. If your request is to have the whole house to yourself, there are a few things that will have to change. 1). The amount would have to be $200.00 more, which would bring your rent to $875.00 per month. 2). The electric and gas will have to be put into your name. The budget amount is either $175.00 or $185.00 per month, but since the people that were in the 1brm unit was not paying their portion on time, I haven't been on the budget. I will keep the water in my name. If you are in agreement with this, we will have to redo the lease contract to reflect the changes.
There is also another option. Based on you past history, you have been very consistant with your rent and U.B's, so I would be willing to offer you the house on a Land Contract with zero down. Terms would be as follows: Purchase Price to be $85,900.00, principle and interest payment to be $875.00 per month at 8% interest for 2 years. I will help you apply for the $10,000.00 grant from the city in May 2006, and I will help you get financing to payoff the Land Contract. Since the taxes are already included into my payment, I will continue to pay the taxes until the Land Contract is payed off. However, you would be responsible for home owners insurance.

Lord, I know you have heard the prayers that have ascended in regards to this situation ... So Father thy will be done! In your Son's name I pray, Amen.


At 11:22 AM, Anonymous Anonymous said...

Okay, Land Contracts. The good thing about them is that they are
effectively "rent to own" deals. They may or may not allow you to write off
the interest on your taxes. And, they're easy to get out of. If you've got
to move, you just pick up and go - of course you loose any equity you've
built up when you do that.

The down side is that you incur extra expense - like the homeowners
insurance the owner talks about. And the interest rate he wants to charge
is two percentage points too high. Also, you will be responsible for the
maintenance on the home - not the owner.

Bottom line, in your position right now, I'd just keep renting and forget
about the land contract. Home prices in MI are projected to decrease over
the next few years due to the contraction of the US auto industry.


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