ConfusedOne
12-16-2003, 04:11 AM
Is it legal to sell a home on lease purchase when you have a mortgage on it? And in the unfortunate event of foreclosure on the home by the financial company, what legal rights would the lease purchase buyer have (provided they have kept their payments current and met all terms of the lease purchase agreement)? Thank you.
michael
12-18-2003, 03:06 AM
What rights would you have to sell a home if you are a lease owner? What is the deal that you have?
thelawprofessor
03-22-2004, 12:50 AM
Originally posted by michael
What rights would you have to sell a home if you are a lease owner? What is the deal that you have? My understanding is that if you have a lease purchase then you don't own the home to sell. You would need to take a look at the lease purchase agreement to determine your rights.
Rathi
03-22-2004, 10:01 PM
I'm readin' the question, like he has a mortgage on a property, and wants to know if it's legal to lease option it.
I think the mortgage is considers yours, whatever promises you make against that property, you must fulfill. I'm not sure of the "law" on this subject, but it's commonly done.
When does the lease expire? How far behind on mortgage are ya?? U could talk to the leasee, and explain some of the situation, and Unless the leasee, can cough up enuf dough to please your mortgage company, I think you're screwed..... lol
Possibly by filing bankruptcy, u could dig out a bit.....
Although LP an Mike could have had the question right the whole time... :P