Mortgage Guide 101

I applaude Mr. Barnes...for allowing buyers, who would otherwise be forced to forego the American Dream of homeownership, a chance.  He also is providing them a unique opportunity to save on their taxes through home mortgage deductions which as a renter they are not entitled to.  

It's a win-win situation for all.  If the buyer is paying rent comparable to the amount of the mortgage...then where's the harm.  It also allows the buyer to improve their credit rating by paying on time.

The one problem I have it the title issue.  I wonder how long before the buyer receives the title after making on-time payments.  

While Mr. Barnes may help to get houses that have gone through foreclosure back on the market, he's certainly not some kind of "white knight". At a 12 percent interest rate on these loans, when the prime rate is hovering around 6 percent, I'd have to say that this certainly isn't charity. I wonder how much the homes are sold for over the cost that Barnes pays?

Is this your dream? Have you been thinking about paying pennies on the dollar for homes in foreclosure

I would like a house in Buffalo, NY.  We have a large family.  I would like to contact Mr Barnes.  He may be the blessing from  God.  If anyone has contact information please email me jenni_ajaz@yahoo.com

It's not Mr. Barnes that you need to contact if you want to buy. It's the investor group that is selling the houses that you need to make contact with! However, I suspect there are other groups out there who could be selling foreclosures in your area. While I don't know a lot about the Buffalo market, I do know that Buffalo is "remaking" itself right now, and could be on the way back from a big slump. It's a good time to get into this market, before it starts to heat up.

I live in illinois and i would like to relocate. I wish to contact Mr. Barnes to buy a home for low monthly payments. If anyone has any information for me please email me asap. My email is: darla_lynn@hotmail.com Thanks for any info you can give.

At one point in time, I was one of those low income people with very poor credit.  I had checked into purchasing a home through a no down payment program.  Due to my credit score and due to the fact that I didn't have 20% to put down on a home I was offered an 11% interest rate.  This obviously is lower than what Mr. Barnes is offering.  However, what isn't mentioned in those ads for $0 down is that with very poor credit and $0 down you also have to pay primary mortgage insurance.  This primary mortgage insurance can be hundreds of dollars additionally per month that has to be payed until you raise your score and can refinance.  Even at 12% I think Mr. Barnes program is still probably a better deal.  Another thing to keep in mind is that due to the lower monthly payment, low income families just might be able to lower outstanding credit debt and maybe raise their score so they can refi and lower the interest rate on the mortgage.