I have a lease/option in the home I'm living in with my wife and 3 children. My lease expires in June of 2008. The owner of the property has been receiving registered mail from a bank, and just yesterday received 2 letters from attorneys office. This attorney specializes in foreclosure. What rights/options do I have as the person who has an option on this property?

Check your contract. But I would suspect your option is secondary to the mortgagor's lien. And, if the foreclosure goes through, then your contract is voided.

So you need to act now. If you want to purchase the house, make an offer on it now. Since, there is a possibility of foreclosure the owner may be more willing to deal.

Hello dj:

The details are in your agreement. I don't know what it says.

However, I suggest that you're in trouble! From a legal point of view, you're a tenant. You have NO ownership rights. You have an OPTION to buy, but if the seller no longer owns the home when you exercise it, who're you going to buy it from? WHEN he loses the house, your option expires. If the home is foreclosed upon, you will be put out.

OR, you can exercise the option NOW, get a mortgage and the house is yours. If you can't do that, and you probably can't, look for another house.

excon