danger in my future?

What is the name of your state? oregon
several months ago i entered into a lease option to buy on the property on which i am currently residing. it has special and specific conditions. but to be brief, it is 2 year option. with the option to renew, another 2 year option with more towards the down at the end of the first options term. the seller informs me that an impending debt may cause him to file bankruptcy around the time, the renewal option would need to be exercised. can his bankruptcy effect our deal, after it has already been recorded? am i in danger of losing my invested option monies? i chose this option due to my own financial future. should i exercise the option to buy early?

[HomeGuru]

[quote]Originally posted by Capt.Turtle
[b]What is the name of your state? oregon
several months ago i entered into a lease option to buy on the property on which i am currently residing. it has special and specific conditions. but to be brief, it is 2 year option. with the option to renew, another 2 year option with more towards the down at the end of the first options term. the seller informs me that an impending debt may cause him to file bankruptcy around the time, the renewal option would need to be exercised. can his bankruptcy effect our deal, after it has already been recorded?

**A: it very well may especially if the Seller has equity in the property.
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am i in danger of losing my invested option monies?

**A: possibly.
*********
i chose this option due to my own financial future. should i exercise the option to buy early?

**A: be prepared to do so.

thanks for being specific!

[HomeGuru]

You are welcome.