Posted by Clair-MO on August 17, 2003 at 17:15:15:
Brent, If I lease option a home and have a “gut feeling” the owner will not pay the mortgage payment himself then talked to a third party an attorney or a title company and send the monthly payment to the third party to pay the mortgage payment and if there is any money left it goes to the owner.
Another L/O question - Posted by Brent
Posted by Brent on August 17, 2003 at 16:57:37:
Has anyone L/Oed a place and the owner did not pay their mortgage payments and the property got forclosed while you still had the option?
It seems if the owner is having financial difficulties you would not be able to trust them to take the money and pay their mortgage each month. How do you handle that?
Thanks,
Brent
Re: Another L/O question - Posted by Jonathan Rexford
Posted by Jonathan Rexford on August 17, 2003 at 17:41:50:
Not foreclosed on but I have had it come close. Stupid of me…new the guy and everything. I did have him sign the deed over to me…lol. Which was a good thing. By the way the reason I did not mine sending him the payments was he had a 15k BACK end coming…Guess who is getting it now…Of course that was 3 years ago and 3 tenant buyers…lol. Gotta love this biz