The fact that the owner needs to “get rid of the mortgage” shouldn’t necessarily mean s/he has to get rid of the lease option; since the proeprty is rented out, banks should give him credit for something like 75% of the rental payments toward his debt load.
Perhaps someone else here has more info on how to pitch this, but you might post this on the general board too.
Lease Option;Running Out Of Time! - Posted by Nikki
Posted by Nikki on September 04, 2001 at 20:54:09:
Currenlty doing a lease option, my option has run out.Not in a financial position to acquire/buy the property. Credit is not good and there is no co- signer available. The owner is moving and needs to get rid of this mortgage as soon as possible. The property is valued between 110,000 - 116,000. Would need a 100% LTV or Get the owner to finance their equity in the home and find a lender for the remaining balance.
How can this single mom buy this home for her kids?