Posted by BTI on May 18, 2009 at 11:15:27:
Lamar
Your question was answered. I don’t have a copy of your lease/option but in all the ones I’ve seen you forfeit you option rights when you don’t make you lease payments.
That kills the option. What is left is the lease, and the landlord merely needs to start an eviction and you will have that on your record, along with a judgement, if you can’t come to terms with the landlord.
So maybe he will agree not to pursue eviction if you agree to leave by a set date and then leave. I know waving goodbye to $6,000 is hard, but maybe you and the landlord can come to an understanding and deal of some sort, especially if your problem is temporary.
I know you wanted to hear about your foreclosure rights, but there are none in the states I do business, it’s cut and dried.
BTI
Lease Option/Rental Agreement Question - Posted by Lamar
Posted by Lamar on May 14, 2009 at 18:00:17:
I am leasing a house with an option to buy and have gotten behind in making my monthly rent payments by one month nearing a second month. I also have two separate contracts on the house one being a rental agreement ending in Jan. 2010 and also a Option to Purchase contract ending Jan. 2010. Can anyone advise if i can be evicted within a matter of days if the one month rent payment is not cleared up? Or is there a process the seller have to go through to get me out of the property? As I understand it since I have two separate contracts on the same property, eviction can’t be done since I have a Option to purchase contract which shows I have interest in the property. Also there is a total of about $6000.00 as my deposit on the property to purchase. Is it true the seller will have to foreclose on me which will take a few months? What are my rights in this type of situation?
Re: Lease Option/Rental Agreement Question - Posted by -Steve-
Posted by -Steve- on May 18, 2009 at 17:59:18:
If you are 2 months behind in rental payment you are in breach of your lease agreement; therefore, your option agreement has been canceled and you can’t buy. If I were the landlord I would be filing a law suite against you and claiming damages to the highest dollar amount possible!
Re: Lease Option/Rental Agreement Question - Posted by Ken
Posted by Ken on May 15, 2009 at 04:27:20:
I use 2 seperate documents so if I need to go to court only the rental documents need to be presented.I would have had you in court and evicted by now.Even if you end up paying and being able to stay when you attempt to get a mortgage the bank will require proof you paid rent on time for a year which you cannot prove which will make it difficult to get a mortgage
Re: Lease Option/Rental Agreement Question - Posted by Lamar
Posted by Lamar on May 16, 2009 at 08:23:50:
I posted a question earlier for some advice. Can someone please answer my question to my original post. Some responded, but didn’t answer my question. Thanks!