Posted on: 16th Mar, 2009 09:01 pm
We leased with option to purchase a home from someone we thought was the owner and had 'normal' title to the home of interest. Turns out, he was a bail bondsman, and received the home as collateral. We learned this information after we received a notice of default in the mail, and notice of truestee sale on the door. The mortgage was still under the person who jumped bail. We moved out a short time later and are being sued for not paying the rest of the lease contract. Can a bail bondsman legally sell a home that he assumed as collateral, while the mortgage is in someone else's name?
Can we get our lease option money back?
Can we get our lease option money back?
Hi Guest,
As far as I know, once the defendant's case has been completed and all financial obligations are satisfied, the collateral is returned to the individual who had offered it. However, if a defendant's house is put up as collateral and if he/she disappears, then the house can be seized by the bail bondsman.
I would suggest you to to contact an attorney and discuss the case with him. He will be able to let you know what steps you can take now.
Take Care.
As far as I know, once the defendant's case has been completed and all financial obligations are satisfied, the collateral is returned to the individual who had offered it. However, if a defendant's house is put up as collateral and if he/she disappears, then the house can be seized by the bail bondsman.
I would suggest you to to contact an attorney and discuss the case with him. He will be able to let you know what steps you can take now.
Take Care.
"Can a bail bondsman legally sell a home that he assumed as collateral, while the mortgage is in someone else's name?
Can we get our lease option money back?"
if the person is not able to repay the amount what he has taken then surely it won't be possible for him to retain the ownership of the house (collateral) and the person who has financed the deal has the whole right to liquidate the collateral with the orders of the court and due diligence.
i won't find any problem in this case as you may get the possession of the house from the bail bondsman legally if you can pay the remaining amount on your part.......... :wink:
Can we get our lease option money back?"
if the person is not able to repay the amount what he has taken then surely it won't be possible for him to retain the ownership of the house (collateral) and the person who has financed the deal has the whole right to liquidate the collateral with the orders of the court and due diligence.
i won't find any problem in this case as you may get the possession of the house from the bail bondsman legally if you can pay the remaining amount on your part.......... :wink:
manoi,
maybe you misunderstood. Can the bailbondsman legally write up a lease contract with us, while the home is in this weird status? That is, he assumes home as collateral, leases home, then foreclosures home, and works out the mortgage details later..I know bailbondsman have the right to foreclose on property they receive as collateral, BUT, do they have a right to lease out the home while they foreclose the property and work out mortgage details? It seems to me that BOTH title and mortgage have to be current and in title owner's name BEFORE they lease home.
maybe you misunderstood. Can the bailbondsman legally write up a lease contract with us, while the home is in this weird status? That is, he assumes home as collateral, leases home, then foreclosures home, and works out the mortgage details later..I know bailbondsman have the right to foreclose on property they receive as collateral, BUT, do they have a right to lease out the home while they foreclose the property and work out mortgage details? It seems to me that BOTH title and mortgage have to be current and in title owner's name BEFORE they lease home.
If the bail bondsman forecloses the property, he will be able to lease the property but there are chances that he will have to pay off the dues of the mortgage lender first.