I'm renting to own and the current "owners" might declare bankruptcy..?
My fiance and I are renting to own a property. Nothing is under the table, everything is legal with a contract and notarized. We pay the property taxes each year. They've even added our names to the deed and we send the payments directly to the lender from our checking accounts.
The owners have their own construction company, and with the way the industry is going right now they aren't bringing in much work. They told us earlier this week that if things don't pick up soon they may have to file for personal bankruptcy. She let me know that they would never try to take the house away from us since we've been making the payments for over 2 years now. But I want to know if they declare bankruptcy could we could get the house taken from us since they technically are still the "owners"?
btw - Us getting a loan to buy the house isn't an option.
- LandlordLv 71 decade agoFavorite Answer
Absolutely. They can not declare bankruptcy and not liquidate their assets.
- 1 decade ago
Stay in the house and do 1 of 2 things. Either get ahold of the mortgage company YOURSELF and see if they will sell you the house (and you would probably get it even cheaper).
Or, let them forclose on it and buy it REAL cheap. You know the house, so when it goes to an auction you will get it dirt cheap.
I would suggest the first option, just stay in the house, and contact the mortgage company yourself. Hell, you might even get a couple or a few months of free stay before you have to pay them.
- Anonymous1 decade ago
Your contract should have details about what happens in such a case. If not, maybe you could request that their names disappear from the deed. However, if they're paying a mortgage and go into foreclosure, then you would be out.
- hottotrot1_usaLv 71 decade ago
You should really talk to an attorney.