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Too good to be true......

post #1 of 12
Thread Starter 
I knew this house Brandon and I moved into and are "renting to own" too good to be true.

I just had a process server show up at my door @ 10pm to tell me the actual owner hasn't made a payment since March

I spoke with the man who is in charge of the "maintence" for all of the owner's properties and he said he would get in touch with the owner and call me back.
He called me back and said the owner said "evertything is fine and has been taken care of".
Somehow, I don't believe this
I told him that we want proof that it's been addressed and we're not losing the house or have to move out in 20 days.

I also emailed the owner the following:

Tonight a processor came to the house at 10pm with papers saying someone by the name of X is the owner and he is being foreclosed upon. He has 20 days to make the payments or the house will be forclosed.

Doug said he talked to you and that everything is ok and has been taken care of but honestly I would like proof that it has been before we put anymore money and work into the house.

We've probably put close to $1,000 into this house just within the last week and this would upset us greatly if we lose the house.

Please call me ASAP to clear this up.

I don't want this to become a legal litigation on either of our parts. We are VERY concerned and would like to talk to you personally



Thanks,



Alycia & Brandon



I am so upset right now that I've given myself a migraine.


I plan on contacting an attorney tomorrow about this and if in fact it is being forclosed on, we plan on suing him.
I have a copy of our lease and a copy of the papers for demand of payment or possesion of the property and I will take this to court and fight until the end

Why does it seem every time I take a step forward that I end up 2 steps backwards?
post #2 of 12
I didn't know you were renting to own. Last I heard it was just cheaper rent.

Anyway, it sounds like he knew the situation all along and was very eager, too eager in fact, to get you into the house so that he could get some extra money for himself before the bank takes the house.

If he is foreclosed on, he could claim bankruptcy and you are out of pocket the money you have spent because you can't get blood from a stone.

I hope things work out for you.
post #3 of 12
I'm not a lawyer, but I don't think you can claim bankruptcy and get out of paying back money you obtained illegally. The jails would be empty.
post #4 of 12
There had been articles in the Wall Street Journal about property owners renting out property that they haven't been making payments on.

You are in a tough situation now not knowing the true status of the house.
post #5 of 12
Please get an attorney that is good with the Florida property laws. They are slightly different than other places in the country, and it may work well for you. If the home is foreclosed on contact the bank with your rent to own contract. It may not supersede the mortgage, but they may have to honor it.

It's a rough spot, but you may be able to stay in the house even if it goes through foreclosure. Also, you may be able to buy the home because once a property goes though this process it has a tendency to loose it's value. You may be able to get a loan and buy it. Please contact the lender, and start asking tough questions.

Remember, the town and the bank WANT someone to stay in this house. They should be willing to work with you.

post #6 of 12
Thread Starter 
Quote:
Originally Posted by lookingglass View Post
Please get an attorney that is good with the Florida property laws. They are slightly different than other places in the country, and it may work well for you. If the home is foreclosed on contact the bank with your rent to own contract. It may not supersede the mortgage, but they may have to honor it.

It's a rough spot, but you may be able to stay in the house even if it goes through foreclosure. Also, you may be able to buy the home because once a property goes though this process it has a tendency to loose it's value. You may be able to get a loan and buy it. Please contact the lender, and start asking tough questions.

Remember, the town and the bank WANT someone to stay in this house. They should be willing to work with you.

That's also what the process server said
I've emailed and called the landlord (who is who we thouht owned the house) but I haven't heard from him. Of course, he's 4 hours behind us so he might not have checked his messages yet

Brandon is taking off work today to call some lawyers about it.
I did some research last night and found the owner's who's name is on the summons. I have his address and phone # in Il. If I don't hear anything from the "landlord" by tomorrow then I'm calling the owner

At this point we don't know wether to start looking for another place to live or to fight this

I'm worried it is what Gail said.. That they were just trying to make a few dollars before they lose the house.
post #7 of 12
Quote:
Originally Posted by Dixie_Darlin View Post
That's also what the process server said
I've emailed and called the landlord (who is who we thouht owned the house) but I haven't heard from him. Of course, he's 4 hours behind us so he might not have checked his messages yet

Brandon is taking off work today to call some lawyers about it.
I did some research last night and found the owner's who's name is on the summons. I have his address and phone # in Il. If I don't hear anything from the "landlord" by tomorrow then I'm calling the owner

At this point we don't know wether to start looking for another place to live or to fight this

I'm worried it is what Gail said.. That they were just trying to make a few dollars before they lose the house.
If you think that's the case then you need to contact the city you live in. You can pay your rent into an escrow account and the landlord won't see a dime.

You won't have to find a new place to live unless the bank tells you to move. You'll get notice if they want you out.
post #8 of 12
Thread Starter 
Quote:
Originally Posted by lookingglass View Post
If you think that's the case then you need to contact the city you live in. You can pay your rent into an escrow account and the landlord won't see a dime.

You won't have to find a new place to live unless the bank tells you to move. You'll get notice if they want you out.
I will do that!
post #9 of 12
Thread Starter 
I just got this email from the "landlord" :

Hi, please send me your phone number and I´ll call you. As for the foreclosure, don´t worry about it at all, seriously. X is my partner on the property, that´s why the papers came in his name. We are not going to loose the property. I, we, only owe $60,000 on the property and would never let it go for that low a price anyways. Even if we did let it go, it would take them at least 6-9 months to foreclose and by then we would of gotten things caught up. We have several properties and we needed to do some work on them and get them rented. I accomplished that while I was there so the $ will be coming in as of September as you know that is also when you guys will start paying rent as well. Seriously, do not worry about it. WE WILL NOT LET IT GET FORECLOSED ON!!!!!


This is what I responded with:
What concerns us is that we plan on living in the house for a long time and we don't want to put anymore time or money into it with the possibility of losing it within the next 6-9 months.

I would like something in writing about this. It may be an inconvience to you but I don't want to have another financial loss with a house.

And what happens if you do get foreclosed on? Then we are out all the money we put into a house to "make it our own" and we will have to look for another place to live and come up with more moving expenses.

I know you did us a favor by not charging us anything to move in and we are greatly appreciative of that! But we would hate to see anything like this happen to the house or you too.



Please call me so we can talk more.



I'm waiting to hear from him now
post #10 of 12
I hope everything works out. My Sisters friend just had to move because the house he was renting was foreclosed on. He never even had a warning.
post #11 of 12
It sounds like a speculator bought the house and other properties a couple of years ago when the market was really hot and thought they could flip the house and make some $$.
Maybe the person had a adjustable rate mrtge and the rate increased making the mrtge payments much higher.
But that didn't happen so they rented them out instead so they could have some cash flow.
Sounds like that still isn't going so well as it sounds like other properties are not rented so there continues cash flow problems.
I would be cautious in putting any of your own $$ into this place until you get some straight answers
post #12 of 12
Thread Starter 
Quote:
Originally Posted by GailC View Post
It sounds like a speculator bought the house and other properties a couple of years ago when the market was really hot and thought they could flip the house and make some $$.
Maybe the person had a adjustable rate mrtge and the rate increased making the mrtge payments much higher.
But that didn't happen so they rented them out instead so they could have some cash flow.
Sounds like that still isn't going so well as it sounds like other properties are not rented so there continues cash flow problems.
I would be cautious in putting any of your own $$ into this place until you get some straight answers
We are definatly putting all work on hold until I get something LEGAL and IN WRITING that we won't lose the house and if we do, then we'll recover what we put into it
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