Pablo and Arlene in Orlando, Fla., think they have found the perfect home and a great opportunity to own their own home.
They are eager to withdraw from the rental competition.
They need to act quickly.
In order to get the keys to their new dream home, they must pay a monthly payment of $1,500 and a down payment of $5,000.
This is a dream come true... or they have thought about it.
Someone convinced them to make another call before signing the contract.
Pablo and Arlene are lucky.
They are more fortunate than many other families, which are just a common rent-to-home scam in Florida.
This embarrassing trick is for scammers to promote a ridiculous low-month rent on a house that rents to its own condition.
They know that once you try to get a home on your behalf at the end of the lease period, your credit and financial status will not allow you to afford the home.
However, they don't care about you or your family. They want some money to pay for their expenses. They know that when the market improves, they will return home, they can sell their homes in retail stores, or they can travel around another home.
Some scammers bring many families to the same family, causing one family to fail in succession.
They know that you can't afford a house at the end of the lease period.
For Pablo and Arlene, their dream home will have a future purchase price of $339,000; a monthly rent of $1,500; and a $5,000 non-refundable option payment.
what? $335,000 for a house with a monthly rent of $1,500? It's crazy!
How crazy is it? Let's take a closer look at how dangerous and disappointing this scam is. The following criteria show that a person with an "A" credit [at least 720 Beacon] will pay a house with a price of $339,000, so let us really show how criminal this scam should be:
==> "A" points [minimum 720 Beacon]
==> 100% option payment for only $5,000
==>Scenario does not include:
Tax [about $250 per month];
Insurance [about $100 per month;
Homeowner's association fee [about 50 per month]
Total = $400 per month + payment = total monthly payment
The minimum amount paid by a person with an "A" credit line is $2,040.00 + $400.00 = $2,440.00 per month [interest only].
This monthly payment reflects a 39% increase!
You think that Pablo and Arlene can suddenly pay an additional monthly payment of $940.00 per month... an increase of 39%! Worse, they don't have "A" credit. They will pay more!
This is not right.
This is how we define SCAM!
Sadly, Pablo and Arlene could not confirm whether the monthly offer of $1,500 actually includes taxes, insurance and homeowner association fees.
They don't know.
When you pay and maintain your property on time, the scammer knows that when you try to get a home on your own behalf, you will not be able to get financing and/or pay a monthly payment.
Please don't commit suicide finance. Don't let scammers deceive you.
Before signing any lease to your paperwork, find a mortgage specialist or loan officer to help you predict future payments.
Make sure you can pay for your dream home. Please don't cook it in a home you can't afford because someone has offered it to you.
Orignal From: Rent to yourself - Lease choose your new Florida home - Fraud alert - Part 9
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