Posted by Jeremy on January 06, 2001 at 23:01:58:
In Reply to: Renting from a landlord who is being foreclosed on HELP!!!!!! posted by Christina on January 06, 2001 at 08:45:08:
My opinion for what it is worth is that you should approach the banks attorney again and ask what are the chances of you buying the property!
If this is as I "assume" a one family house then your rent must have been able to cover the landlords mortgage and insurance payments.With the tax break and whatever government assistance you can get in buying the property and with the declining interest rate you may even finish up paying less per month than you are now!!!.Even if you dont buy the property you will still have to be given 30 days written notice to quit the property after which time the bank would have to take you to court and get an eviction notice which, with a disabled husband and two children, the judge would probably allow you up to six months to find somewhere else.THE BANK KNOWS THIS it would be in their interest to help you purchase the property. GOOD LUCK
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