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Renting to own is a way for the working poor to get the necessities they need without paying substantial amounts of cash to get it.

Rent to own is a payment plan where you rent the furniture or appliances they need for a long period of time. If the person no longer wants the product, they can return it at any time. If you miss a payment, the item will be repossessed, but there will be no damage to your credit history.

Is it worth it?

With rent to own, the monthly payments are manageable and at the end of a stated time period, they may actually become the proud owner of that item. However, it may turn out that all those rental fees exceed the price of buying the item brand new.

Consider if you wanted to rent a microwave that retailed for $250 for $10 a month. Depending on your contract, you could own it after 90 payments, but that would provide the rental agency with a $750 profit.

Who does rent to own benefit?

Rent to own is a convenient service perfect for short-term living arrangements like college students living on campus.

If used properly, it can also be helpful for a short term rental, like renting a washer and dryer until yours comes back from the shop.

However for a long term ownership goal, it is more advisable to make do with what you have and try to save enough cash to buy the item in question as it can save you hundreds of dollars in the long run.

Banks do not have a cornerstone on the foreclosure market. The government also gets their share of repossessed property courtesy of tax foreclosures.

What is a tax foreclosure?

For each house, condo and plot of land, there are property taxes that must be paid to the state. If the owner (either private or corporation) does not pay their taxes in a timely fashion or in full, the local authorities may put a tax lien on the property and if that is not cleared up, a tax foreclosure is the likely outcome.

A tax lien by the government is their legal claim upon the property of another in order to secure payment of a debt. The county will impose a lien and a tax foreclosure if a property owner fails to pay the required taxes on his or her property. Typically, the foreclosed homes are sold at auction and for the amount of the back taxes so the county can fill the gap of the lost tax income.

How are tax foreclosures sold?

Tax foreclosure sales, also known as "tax deed" sales legally must be promoted to the public to coincide with the local laws of the land. During the auction process anyone can bid on the property, even the original owner. The highest bidder of the tax foreclosed home or property is generally the winner.

Tax foreclosures may be an excellent way to score a bargain on a home. It is important to note that if you are interested in purchasing a tax foreclosure you should research the process and the property thoroughly so you are not taken by any surprises.

With so many foreclosures, now may be the perfect time to try to score a deal on a bank-owned property.

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