We Did a Lease to Own on a New House, Now They Filed a Reposession of property….can We Get Our 15000 Back?
We paid 15000 down for a lease to own home…..our payments were 1500 a month. I got sick, lost my job and my husband fell behind a month and a half…they filed a reposession of property and we have 7 days to get out….can they do this? Can we get our money back…we were here less than a year and are 2189 behind…can they keep all our money?
Yes, you didn’t keep your agreement so forfeit your deposit.
Filed under: find lease to own homes
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Yes, you didn’t keep your agreement so forfeit your deposit.
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let’s reverse this. Let’s say you
owned the home and wished to
lease-sell it out. And the tenant,
a very nice lady, who was paying
fine, cannot pay now. What would you do?
YOU are asking if they can keep all
your money?
YOU are not renting a low price
apartment ,but instead, a home
using a lease-purchase program.
YOU need to review the agreement
to see what the monthly payments
would be if you owned the house now.
I am betting less than $200 is going
to the owner, the rest is the cost
of the mortgage.
YOU do have the right to go to
court–if the first hearing has not
occurred.
IF you can borrow the money from
a private source, to bring all payments
up to date, you can be returned to
a GOOD status and still live in the home.
available to help further if desired.
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RE broker
Absolutely they can, I’m sure it is written into the lease to own agreement.
This is one of the downfalls of lease to own, they can and do this.
Sheeps going to slaughter……….
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Oregon Realtor
And the insult to injury is they will probably tag your credit report as well. Usually as rent/lease to own is for someone with poor credit. Live and learn.
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z
Rent to own is a dirty rotten trap. But look at it this way you got it for rent and it is okay.
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This is why no one should ever do a lease-to-own contract without getting an attorney to look over the contract to see if it’s legal.
There is NO standard in the industry of how these agreements are to be written.
You need an attorney ASAP to review that contract…what I am hoping is that the landlord drew it up himself (which alot of them do), and if that is the case it’s 100% illegal b/c that is practicing law without a license which means your contract wasn’t valid when you signed it.
That is what makes real estate contracts differnet from any other type of contract.
Also, $15,000 for a lease-to-own…NO way, NO how, would I have handed over that much money…and the court can also review the contract and determine that if the contract is so one-sided that it violated your rights to the point where you didn’t have any? That is also, a legal reason to void a contract.
But you CANNOT argue these points on your own…your #1 priority when you get up tomorrow is to find an attorney to stop the process immediately…and he has to give you a 30-day notice if you are paying monthly…lease-to-own or not.
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Many, many years experience as a Realtor, mortgage broker and former underwriter…and always followed by my 7 "thumbs down" Y!A stalkers
Firsgt, as mentioned previously, you need to get to an attorney ASAP. You should have had an attorney review the documents before you signed them. Lease options usually end poorly for the tenant.
All that can be done or not done is dictated in the agreement you signed.
As for keeping you money, there is a good chance that they can. It appears that you defaulted on your end of the agreement. Again, what can and can’t be done is defined in the contract you signed.
I have to talk about the incorrect information listed above. First is that it is illegal for a person to draw up their own contract. It is perfectly legal for someone to represent themself in a legal matter. It is not recommended at all, but it is legal. If you want to go to court and be your own lawyer, you are allowed (but not recommended). If you want to draw up your own contract you are allowed. Look at it this way, when you signed the contract you entered into a legal contract. You SHOULD have had a lawyer look at the contract, but you were not required to because you are allowed to represent yourself in this legal contract.
Expert Realtor is right in her statement when she says it is illegal to practice law without a license. In the US this law refers representing someone else in legal matters. For example, it is illegal for me to look over the contract and tell you "yeah, this looks good, go ahead and sign it". I am not a lawyer and cannot look over the legal contract and give you advise to sign it. Only a licensed lawyer can do this.
Also, she is incorrect in her statement where they must give you 30 days, it is the law. It may be the law where she is but (again in the US) different states and localities have different laws. In Pennsylvania a tenant is legally allowed to waive their right to notice. This means that a landlord can immediately file for eviction without having to ask you to pay.
The only advise you should take away from us is to go see an attorney.
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