jewell hood

[hoodxs6]

we have been purchasing a home by owner fiance. We recently found out the house was forclosed on Nov.5,2013. We received a cash for keys letter. Now here is where it gets real interesting we still have a lease on the home. We called the lender we have been told to make an offer or they will proceed with the eviction. I was reading about the law Obama passes to protect tentants from forclosure act. can anyone tell me anything about the law?

 

[Proserpina]

You can start reading, here: http://guides.sll.texas.gov/landlord-tenant-law

 

[Betty3]

Proserpina gave you the Texas law. Since you asked about the Obama Protecting Tenants at Foreclosure Act (federal act) here is a link with some information regarding it.

http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html

 

[army judge]

we have been purchasing a home by owner fiance. We recently found out the house was forclosed on Nov.5,2013. We received a cash for keys letter. Now here is where it gets real interesting we still have a lease on the home. We called the lender we have been told to make an offer or they will proceed with the eviction. I was reading about the law Obama passes to protect tentants from forclosure act. can anyone tell me anything about the law?

You weren't purchasing a home, you were exercising an option to,purchase, effectively under Texas law that's renting.

Yeah, I know what it's called, but it's renting and it's risky.

Your rights were inferior to the rights of the superior lender, the mortgage lender on the original purchaser's note.

That note was secured under a certified or insured deed.

Your "purchase" was under a QUIT CLAIM DEED.

That said, your best bet is to take the deal the new owner offered you.

You can refuse and the new owner would be required to honor your lease, not your "rent to own", aka "land contract".

For example, if your lease expires on 31 March 2015, you'd continue to pay your rent of $XXXX per month to the new lender as agreed upon in the lease document through the end on March 2015.

So, you decide, and see what the new owner does next.

He or she can still try to evict you sooner, rather than later.

If you're smart, negotiate a deal, create an acceptable solution, compromise - don't quarrel.