lease purchase agreement

[peechez]

from New Jersey - In a lease/purchase agreement. going on 3rd year of lease. Supposed to have settled mortgage 1+ years ago, I've been pre-approved. Landlord however, has not been able to produce clear title due to holding mortgage for previous tenant. His lawyer states he just started forclosure proceedings now, will take many months to complete. Trying to find out what my rights are as to receiving my escrow $'s back (not even sure what bank is holding portion of rent applied to purchase each month), converting to regular rental, how long foreclosure takes, etc. Any info anyone has is muchly appreciated!!!!!!!!

 

[kelmar]

forclosure timelines vary by state. i would ask the landlord the name of the mortgage company and call them and ask what the timetable is for jersey. also i would ask for my money back on your downpayment. there are plenty of houses to buy and you have tossed good rent money away that could have been used to pay on a home that you own, not someone else. good luck