Quote:
Originally posted by TheFLY
My credit is bad -- but I figure that's not a problem if I incorporate... from what little I've read -- a corp in the USA won't do me much good legally because my name will be all over it...
I'm wondering if there are disadvantages to an offshore corp. I'm wondering what kinds of problems I will have doing biz in the USA with an offshore corp...
I know people that have lost their home, their land... just to unfortunate circumstances. I'd like to minimize that sort of thing.
I've lived a pretty carefree lifestyle my whole life -- but I'm tired of renting...
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If you're trying to buy a home, and your credit is bad, there's a much easier solution.
Just get an 80/20 loan for high risk borrowers. 80 percent of the loan is financed at regular, low interest rates, while the other 20 percent is put up by another lender at much higher rates --- usually 11 percent.
Then, after you build up your credit for two years, you can refinance that 20 percent at lower rates without big penalties.
As for avoiding seizure of the house, there may be some states like Florida that have some advantages but, depending upon the circumstances, they can still seize your house if the bank still has a lien on the property and you're not making payments.
From what I understand, the Florida excemption ONLY applies to the equity you have in the house. You still have to pay the mortgage or the bank will take it.