Posted on: 05th Jan, 2009 04:29 pm
I have a rent to own property, the owner stopped paying the mortage and the house is in foreclosure, but we have been paying the owner. Is there something we can do to acquire the property from the bank? If we stop paying the owner, can he evict us? What should we do? I gave him when we signed $500. over the monthly rent , down paying on house.
Hi cottonredlizzy,
In my opinion, if you stop paying the rent to the owner, he will have the right to evict you because you have an agreement with him. As the house is in foreclosure, you can speak to the bank and let the lender know that you are interested in purchasing the property. However, the bank will decide whether it wants to sell you the property or not.
Thanks
In my opinion, if you stop paying the rent to the owner, he will have the right to evict you because you have an agreement with him. As the house is in foreclosure, you can speak to the bank and let the lender know that you are interested in purchasing the property. However, the bank will decide whether it wants to sell you the property or not.
Thanks