Short answer is yes, if you can find a disparate owner or an unethical owner.
The bigger question is "Should you"?
In most lease options, the tenant pays a down payment and a higher than market rent in exchange for the option to buy the home at a later date. If you exercise your option and buy, the downpayment and the spread over market rent is usually credited to you for your down on the loan.
If you do not exercise the option, you loose the down payment and will not get any of the rent back.
There are some people that prefer tenants like you because they know you will not be able to exercise the option. They evict you and find the next victim.
Do not enter into a lease option until you are very sure you can get financing at the end of the term!!!
If you proceed, do some research on lease options or lease purchases. There is a lot of info on the web.
Dennis Smith, ABR, SRES, e-PRO, CDPE, RealtorÂ® Lic #00476662
RE/MAX By-the-Sea, Carlsbad CA
Sure you can, and you can even negotiate your option period to be as long as necessary to be able to buy a house again. If the seller wants the option period to be one year, you know you won't be able to buy that quickly. Investors use lease-options as an investment tool, betting that most renters won't be able to buy when the option period is up. Tread carefully; there's nothing wrong with renting until you can buy again. Prices won't be climbing that high anytime soon.
Just work on repairing ur credit afteryour shortsale. And contact me if u want to have it deleted off your report. I know of a loophole to repair your credit in less than 6 months. Sdrealtorpro@gmail.com
Thank you for your question.
In a rent-to-own (commonly called a lease-option-to-purchase) the new landlord will probably also want to know you will be able to qualify for traditional financing within the time specified for you to exercise the option to purchase.
You are going to have both short sale & bankruptcy guidelines to navigate when it comes to that point, short sales with missed mortgage payments need at least 2-3 years depending on the loan program (without missed payments it's possible to purchase 1 day after a short sale with an FHA or VA loan), and bankruptcy guidelines vary widely but is generally 2-4 years from the discharge in a Ch 7.