Cont.

An owner financed mortgage may be the ticket to making a bad credit home purchase possible. This loan is also called a seller carry back loan, which means the owner is so desperate to find an owner that he/she is willing to front the loan for a period of years, or maybe even the entire thirty year period. A person may pay a little higher interest rate with a carry back lending agreement, but it can also mean saving thousands of dollars in points fees. To make this work, one needs to have an attorney help draw up the papers and represent the borrower in order to protect him/her from future complications that could arise. For a person with a poor borrowing history, a seller carry back loan may be the brightest hope for a home purchase. Start driving around town or the country and look for the owner camped out front with a harried look on his/her face and a sandwich board sign that reads, "Rescue me from another day in this house!"