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Seller in Foreclosure |
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I bought a house on Lease Optiion. I paid $15,000 down. Have lived there for 18 months. The Seller is losing the house to foreclosure. I understand I am at a loss for my desposit. |
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Anyone entering into a lease-option or rent-to-buy contract should have their own lreal estate lawyer looking over all the paperwork before signing anything. It would have been a good idea to investigate the seller's financial situation at that point too, a step that might have saved you from this situation.
I hope you did have a lawyer, and your attorney is the one to tell you whether there's any chance of recovering your money at this point. It certainly doesn't look good, but depending on your own credit rating and income, there may still be something you can do to save the property. |
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Edith
Originally published on January 22, 2008 |
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