I livin in a house in Lancaster Tx that is on the auction list 2 be sold in a foreclosure sale. What is my next step? How does a lease purchase work?

Asked by Djudge, 75146 Wed Feb 15, 2012

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T.E. & Naima…, Agent, Dallas, TX
Sun Feb 19, 2012
As far as the foreclosure is concerned, if you are unable to arrange for payments with your current lender, then the foreclosure may occur as scheduled on the first Tuesday of the month. At that point the new owner will be in touch with you to make arrangements for your vacating the premises.

Typically, you will have at least 30 days, but circumstances may allow up to 90 days in the case of homesteads, as Guy mentioned.

Time has come for you to investigate finding another place to reside and figure out how to get your personal items removed.

Lease to own is a practice discouraged in Texas, because it led to abuse in the past. Now, sellers are required to disclose the financial aspects annually to the leasing buyer, which is the source of headaches and potential liability for the seller. Only an attorney can write up a contract that does not close within 180 days of execution (this precludes Realtors from writing it up on standard forms).

In the few lease-to-own transactions that are done the terms definitely favor the seller and provide for only some portion of rent payments to be credited to the leasing buyer. Your attorney can best explain what approach will best protect your interests and explain other options that are probably better suited to buyers unable to close a purchase within 6 months.
Web Reference:  http://www.Sumner-Realty.com
1 vote
Nay Maston, Renter, Lancaster, TX
Wed May 9, 2012
I am looking for a nice house around $800-900 a month. Does anyone know where one is available in the Lancaster and Duncanville area? I really need to move in the next 2 months.
0 votes
Melissa Lint…, Agent, Round Rock, TX
Mon Feb 20, 2012
There are still several options for you to try. You can sign up with someone like Peter Wagner(512-921-3053) he stalls the process with modifications and puts you into a Federal Class Action Suit. He works all over the US. He requests a loan audit, a qualified written response and several other things and has been quite successful. If you file for a modification yourself odds are you wont get as much of a change in the payments. There are several people out there doing the same thing just be careful that you get someone that actually is working with attorneys who have proven results from other cases.
They can show that you are a renter and that would at least buy you another 90 daysby the guidlines set up.. You should talk with the owner about saving his home by these means. I was in a house myself that I had a lease on, that was sold in an auction when I was out of the country on vacation. They, by law, are required to let you live out the remainder of your lease whomsoever purchases the property if I am not mistaken. You can work out some kind of deal for them to help pay moving costs if nothing else. Even if they get rid of the owner they still have to deal with you. The owner could also work with the bank to put his/her home up for a short sale. They may have a purchaser that would work with you (unlikely) or the bank may allow you to take over payments.
0 votes
Guy Gimenez, Agent, Austin, TX
Wed Feb 15, 2012
If the house is sold at auction to an investor, the investor will be in touch within a couple of days afterward about you vacating the property. If the bank takes the house back, you may have another 30 to 120 days before the bank's agent knocks on your door. While federal law allows a tenant in good standing to remain on the property for up to 90 days, the banks will often offer you cash to depart and leave the home somewhat tidy. Neither the bank nor the investor will likely offer you a lease purchase so start preparing now by locating another residence.
Web Reference:  http://www.phgbrokers.com
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Feb 15, 2012
Lease purchase no Realtor would recommend those transactions. Best to search for a property or apartment to lease. Direct link

Dallas homes for rent Dallas TX


Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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