Question about renting a house, and it going into foreclosure

bigbet1234 · Feb 15, 2005

i have a buddy that was renting a house with an option to buy. he has been living there about a year, he put 5K down, and put some work into the house. he has just found out the payments he has been sending her, she has been pocketing, and not been making the payments, the house is going into foreclosure.

does he have a case, if presented to an attorney?

BB

Journeyman · Feb 15, 2005

That's an interesting question...I have wondered this before...

I'm sure he has a case as long as its all documented with receipts etc, I doubt if he would still be able to buy the property but he would be able to recoup his investment in court.

bigbet1234 · Feb 15, 2005

thanks, j-man

bump for possibly Fish, or Hawkeye

BB

LEYKIS101 · Feb 15, 2005

Bigbet,

I think the key here is if in fact it's in foreclosure or just pending foreclosure. If it's in already I don't think there's much hope as other agencies have been contacted and a long process has likely started. If it's actually right before foreclosure proceedings have started your friend might have a shot. If there's any way to find out the lender do so immediately and contact them with an offer. I would say investing one hour's time(to answer some basic questions) of a qualified real estate attorney would be well worth the price.

daringly · Feb 15, 2005

He has a case for breach of contract versus the landlord. If he seriously wanted to buy the house, and the landlord has money, go after her.

Problem is... If the house is in foreclosure, odds are the landlord is broke, so a lawsuit wouldn't help.

damiandunlap · Feb 15, 2005

I am a california real estate broker, call me if you like. I would first find a local broker or real estate attoney, not just any attonery.

But your best bet is to contact the person on (title) contact the lender, with you on the phone (people be lying) and see how much they owe.

Then tell the owner(which should be the same person on title) to see if you can buy it now. They have programs with 100% finacning even with scores as low as 600. I just hope there equity.

You can do a search on ca dre type in damian dunlap, and you will see that i am a real broker. Call me If i cant help you , someone in my office will. There no cost. I just hate to see people get jack around

damiandunlap · Feb 15, 2005

forgot, most times you if you show the lender a sale contract and be real nice, or call to talk to someone nice. They can hold off the sale. So you will have time to get it finance.