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kdtuck1 · Mar 14, 2007, 06:18 PM

My landlord owns several properties in my neighborhood and we have all received notices for foreclosure. We all have lease-puchase contracts and looked forward to close soon. We are all nearing the end of our lease... some ready to close some not. What options do I have? I live in the state of Virginia and need to know what to do immediately.

Fr_Chuck · Mar 14, 2007, 06:45 PM

If you have not already used your option to purchase, they are still merely leases, if the property goes into foreclosure, you could try and attach a lien for your losses, but the first mortgage would hold priority.

I would say you have little chance. But you may get the other owners to get together with you and hire an attorney to represent all of you.

kdtuck1 · Mar 14, 2007, 07:16 PM

That seems so unfair. I have invested thousands of dollars into the home. So, the contract that I hold with the owner becomes null and void once it forecloses? I received several different messages: I can allow it to foreclose and try to work a deal with the bank, assume the loan, etc. How long does a foreclosure take in the state of VA?

katkollmer · Mar 17, 2007, 06:07 AM

Have you tried using the Landlord Tenant Act? Go to the State Statutues and the information about tenant and landlords are there. If the Landlord owes several properties, they are held liable under that state statute. Look at your contract and review it carefully. There has to be something in there about purchasign the property in case of default. If you need more info, you can send me an email. I can find the state statute for you. I live in VA. Have you tried to contact your landlord to do a quick purchase? Right now, the interest rates are terrible and I can bet they did an interest only. Since the depreciations of homes here, that is why they are defaulting. The bad thing is that they are hurting their credit.

Why don't you offer a good price and quick purchase?