Posted by B.L.Renfrow on April 24, 2004 at 19:38:31:
You would be screwed. That’s one of the reasons I don’t L/O from a seller anymore. But if you did, you would want to protect yourself against this sort of thing, by making the mortgage payments yourself, directly to the lender. Or at the very least, check monthly on the lender’s web site or via their toll-free number, to make sure the payments are made.
Brian (NY)
Lease option Question? - Posted by Traveler Newbie
Posted by Traveler Newbie on April 24, 2004 at 19:08:47:
Hello,
My question if you get a proberty with a lease option and then find a tenent/buyer, what would happen if the seller didn’t keep the payments up?
And the bank started forclosure?
Thanks for any replies and thanks for your time.
Chris
Re: Lease option Question? - Posted by Chuck Rosenberg
Posted by Chuck Rosenberg on September 06, 2005 at 13:11:14:
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Re: Lease option Question? - Posted by Al
Posted by Al on April 25, 2004 at 10:30:25:
Try going through an escrow company. You pay the escrow company, the escrow company pays the Lender.