brought a townhouse on lease option to buy and the owner took my money 25000 and 5000 on depoist and never made payments and ask for the lease option,

Asked by Charlene, 19403 Mon Apr 4, 2011

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Suzanne MacD…, Agent, Morristown, NJ
Tue Apr 5, 2011
You need to speak with a real estate attorney right away. If the owner took your money on a valid lease/option or rent to own contract, then stopped making mortgage payments, that may be considered fraud. There are so many questions that need to be answered in order to make sure you have a valid contract and also to determine what, exactly, the situation is regarding the home. Does the owner have equity in the home or are they 'under water' owing more than the home is worth sparking a short sale or foreclosure situation?. Were you represented by a real estate professional in this transaction? Are you still able to purchase the home and receive the promised credit toward the purchase price and/or down payment? Does the owner have other assets that could be used to compensate you for any losses? Is there insurance coverage that might compensate you in this situation?

A good lawyer will help you wade through the morass and determine how best to preserve your ownership rights in the property.

Good Luck!
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Carol Cei, Agent, Maple Glen, PA
Tue Apr 5, 2011
Charlene, did you have a real estate professional working for you? Do you have a valid contract?

Sometimes when you deal directly with the owner, you are putting the money in the owner's hand and not in an escrow account. Now the money is spent and you are stuck. Here is my best advice to you...get a good REAL ESTATE ATTORNEY and see how he/she can help you.

I wish you good luck. If you have any other questions, please contact me.

Carol Cei
ReMax Action Realty
215-358-1223
215-643-9661 cell
carolcei@remax.net
Web Reference:  http://www.carolcei.com
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