Photos of house six are now available on the sidebar or at the House Six page. For those inquiring, this is another contract for deed arrangement and is not a traditional mortgage. Building equity will eventually be possible, but not for some time. The current owners of the house will retain the title (ownership) while Jennifer makes a monthly payment for a set amount of time, typically 3 - 5 years. After that time she will be responsible for securing her own financing for the lump sum that will become due. Contract for deed arrangements are more common for those with poor credit or other issues blocking their ability to obtain traditional financing, but with the ability to make a down payment.
How this legal agreement will affect her pending bankruptcy case remains to be seen. The prevailing legal advice recommends to wait until the bankruptcy case is resolved before entering into any contracts, and this case if certainly far from over.
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