Hi,
I live in Ft Myers FLORIDA and the foreclosure mess is unreal here.My mother just rented this home a few months ago (the rent is cheap because the home needed work and she put $ into the repairs)but on the condition that she would buy it with a mortgage in Sept when her social security takes effect.She has already cleared it at her bank so now she is just waiting for the SS to come in Sept .We just found out that the house is in foreclosure and contacted the bank to see if they would honor the agreement.The banks rep said it was out of their dept and waiting to go through the court system but once it went through foreclosure and came back to the bank it would be put up for sale with a property management co.

So what's the deal here ? Shouldn't the bank and/or courts give the renter the first option to buy their home or at least honor the agreement ? Moving is costly and she has already put her money into this home in both cash and sweat equity. What can we expect and what are the options? Is there something she can file to get the first option at buying the home ?She loves it and doesn't want to move.

Thanks,

I believe you will have to assist the owner in getting the property out of foreclosure, then the owner can sign a contract to sell to your mother. You need to know how much the property is worth, and how much is the debt to the lender. Also, are there any other mortgages or liens (tax, materialmen's).