I am renting a house right now and the owner is looking into offering me a "Lease with Option to buy". Does that mean I take over the mortgage payments yet he still holds the title until I am able to buy?
Say I purchased a home having used seller financing with a previous underlying mortgage and everything is going smooth for 4 or 5 months but suddenly the person the buyer is making monthly payments to gets in some financial problems and stops forwarding all mortgage payments (ex sellers payments to bank 1,500 – buyers payment to seller 1600 but seller stops) and then a lis penden is filed eventually starting the motions of foreclosure . What right’s would the buyer have? What could be done at this point? thanks!
Also I was given the title.
