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    Shaylynn's Avatar
    Shaylynn Posts: 1, Reputation: 1
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    #1

    Mar 13, 2008, 09:13 PM
    How to terminate a Lease / Purchase agreement.
    My husband and I are carrying mortgage on a home. The party that we are carrying the note for is now in default of the loan and the mortgage company wants to take over the house.

    How do we evict the people currently in the house? My husband and I are going to pay the past due mortgage amount, so the note does not go in default as the mortgage is still in our name. This has totally ruined our credit. Long story short, we were assured that when we first went into this arrangement that they would have their finances in order and get their own financing for the house within one year. We are now in year 5 and they are constantly last on the payments to the mortgage company, as I said, our credit is toast because of this.

    The extra problem is, my husband and I are working overseas now and have been for a couple of years.

    How do we start the eviction process? Please help
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Mar 14, 2008, 06:00 AM
    Hello S:

    You're going to need to hire a lawyer in town. You can't do this from timbucktoo.

    excon
    Lease Purchase's Avatar
    Lease Purchase Posts: 3, Reputation: 1
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    #3

    Apr 14, 2008, 09:39 AM
    In the future you have to make the payments yourself regardless of whether your tenant pays you. You should have never put your credit score in the hands of your tenant like that.
    In addition you have to get a large enough down payment from them and have them pre-qualified for the end of the lease. If you do not take those steps you could be in for a surprise you don't want anything to do with.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Apr 14, 2008, 09:41 AM
    Quote Originally Posted by Shaylynn
    My husband and I are carrying mortgage on a home. The party that we are carrying the note for is now in default of the loan and the mortgage company wants to take over the house.

    How do we evict the people currently in the house? My husband and I are going to pay the past due mortgage amount, so the note does not go in default as the mortgage is still in our name. This has totally ruined our credit. Long story short, we were assured that when we first went into this arrangement that they would have their finances in order and get their own financing for the house within one year. We are now in year 5 and they are constantly last on the payments to the mortgage company, as I said, our credit is toast because of this.

    The extra problem is, my husband and I are working overseas now and have been for a couple of years.

    How do we start the eviction process? Please help


    There was a very similar problem posted not too long ago - I believe those people hired an Attorney and gave him/her Power of Attorney (or some such thing) over the property. The Attorney took care of the eviction and all the other problems - I'm sure for a hefty fee but at least it was taken care of.

    The Attorney who did the original paperwork is familiar with the circumstances and local laws and might be a very good choice.
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