// BLOG
A new opportunity has emerged
June 21, 2009
While we would like to say this was all part of our master plan, the stark reality is this opportunity fell right into our lap. You see this past week, we closed 2 deals, both located in St. Thomas, Ontario. That in and of itself is pretty amazing, considering St. Thomas is a small to medium sized town at best (but growing rapidly.)
But what is fascinating about both is the fact we did both rent to own deals with people who currently own the home that they now want to rent to own.
I know, you are probably a little confused by that statement and you would be smart to ask, “Why would someone do a rent to own deal if they already own the home in question?” The two case studies below will clearly demonstrate why someone might have no other choice but to pursue that option.
Case Study #1-A Family of Four
While the media has done an excellent job depicting the bleak economic situation of big business such as the automakers and money lenders, little has been made of the people behind the scenes who have suffered because of the collapse of the economy.
In this example, the husband was laid off, and as a result, credit cards were maxed out to pay the incoming bills, which come in regardless of the state of the economy. To make matters worse, the lending institution who granted the original mortgage, did not survive the economic collapse.
The mortgage has now matured, and while the husband has since been rehired, the resulting credit accumulations mean that they will no longer qualify to have their mortgage renewed.
They did contemplate selling their home, but decided at the last moment that this was their family home and they would do all that they could to keep it. That is when they approached us to see if we could help them keep their home.
What many may not know is that Guy Lew, co-owner of Home Owner Soon, is a an expert when it comes to credit repair. After thoroughly reviewing this family’s situation, he immediately put them into a two year lease where they will be able to fully repair their credit and at the end of the lease be in a very strong position to qualify for a mortgage and then repurchase their home.
Needless to say this family is more than relieved that they were able to avert this potentially devastating crisis.
Case Study #2-Single Woman Trying to Make Ends Meet
The woman in this example shares some similarities to the family above. While she did not lose her job, things definitely got much more difficult as a result of the economic crunch.
Previous home renovations had been financed using credit cards, however once the economic collapse hit full stride, she fell behind in her payments and her credit, which was very good at the time, took a major hit. Coupled with the fact that she too had the same mortgage lender as the family above, she now no longer qualifies for a mortgage as her previous one is set to mature.
Once again, she came to us out of desperation, knowing we were her last option, since she did not want to sell a home that she had invested so much in. Again Guy, after careful analysis, set up a two year lease with a plan in place to have her credit fully repaired when the lease matures.
She now gets to sleep well at night knowing in a few short years, she will once again be in a position to qualify for a mortgage and reclaim the house that she calls home.
In closing…
Sometimes life deals cruel blows that are beyond our control. The economic downfall that occurred was not something anyone could have predicted, but it placed numerous people in terribly stressful situations. While we have heard countless heartbreaking stories of people who have lost their homes, we are very proud of the fact that we kept two more people from being another tragic statistic.
If you are reading this and any of it rings true for you, don’t hesitate to contact us. We just might be able to help you save your home.
Stay tuned for more of our success stories and remember to “Keep that dream of homeownership alive!”
Another happy couple
May 26, 2009
Well it is hard to believe that we have just completed another rent to own deal.
Our latest was completed in the town of Chesley, Ontario, a small community that has a town slogan of, “The Nicest Town Around.” You don’t make such bold claims unless you can back it up.
There are several things that make this deal unique. First, it doesn’t matter how big or small the town, if you are in a positon to do a rent to own, we will find a way to make it happen.
Second, the tenant in question is our very first official entertainer. He even has a CD that was just released and he is getting ready to begin his Western Canada tour next month. That’s all pretty exciting stuff, made even better by the fact that when he is done touring he will come back to a place he can truly call his own.
Third, there isn’t a better feeling in the world then knowing you have helped put someone into a home ownership situation when everyone else turned him down based on the nature of his profession.
I guess that old adage of “Where there’s a will there’s way” holds true for home ownership as well. 
Stay tuned for our next success story.
