I've been living in my house for over a year now. The agreement was that I would rent for 2yrs and then purchase. I just recently found out that the owners haven't been paying the mortgage even though I've been paying them. What are my options?
Serious Answers Only Please!!
2007-11-16 11:20:16 · 7 answers · asked by Moorehowse 2 in Business & Finance ➔ Renting & Real Estate
You could wait for the banks to foreclose on the house, move into temporary housing and then buy the house at auction for a lot less than what it is worth.
2007-11-16 12:27:58 · answer #1 · answered by Your #1 fan 6 · 0⤊ 0⤋
if your owners are not paying the mortgage, start looking for a place to move to before it is too late. You may not know how far along the proceedings are - and once they are final a bank or mortgage company will order the sheriff to go to the home and vacate it - if that happens you can not stop them from taking YOUR belongs and you will have to pay astronomical fees to get them back - a friend of mine just went through this and she has to pay $1200 as of now and this happened on Tuesday (13th) - prior to the sheriff doing this, they must notify you at least 24 hours in advance - in my friends case the landlord took the notice off her door and she had no idea what was about to happen - be careful and be safe...
2007-11-16 13:27:03 · answer #2 · answered by alsballoondepot 3 · 0⤊ 0⤋
One of the mistakes made in the 'rent to own' program. ANY such agreement should include a clause that the renter/owner-to-be should make out two checks. One made payable to the owner and one made payable to the owner and his mortgage lender, for the amount of the monthly mortgage payment.
If you have been paying more than market value for rent on the basis of building up 'equity' when it comes time to exercise your option to purchase, you are sadly out of luck. These folks have absconded with your money.
2007-11-16 12:00:59 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Do you have a lease? It will be turned over to the new owner and you will pay them. A lease is a legal contract to live in that house, it does not matter who owns the house. If it goes into foreclosure you will pay the bank.
2007-11-16 12:18:37 · answer #4 · answered by marie 7 · 0⤊ 0⤋
Do you have anything in writing that assures you that this was the actual agreement? Just because they said it when you moved in, doesn't constitute a contract. If you do have a contract to that effect, then you need to see a lawyer about what your rights are, and what options you may have now.
2007-11-16 11:30:39 · answer #5 · answered by Angie 6 · 1⤊ 0⤋
Not much. You don't come with the house. It's unfortunate, but once they are foreclosed upon you are out of a place to live. I'd start looking immediately.
2007-11-16 11:28:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Without something on paper or some sign agreement you are basically out of luck
2007-11-16 17:52:05 · answer #7 · answered by bobb 1 · 0⤊ 0⤋