Posted by Provost on July 09, 2001 at 18:57:49:
In Reply to: explain more please. posted by tracy on July 08, 2001 at 22:53:40:
The owner's mortgage and your rent are two entirely seperate issues, legally speaking.
If the owner hasn't paid his mortgage, the bank can foreclose, but that is up to the bank to do. If the bank does foreclose, it is quite likely that it will want to sell the house, fast. As a tenant you would be in a good position to make an offer and buy it. The bank, of course, would be under no obligation to sell to you, but generally banks do not want to hold on to foreclosed properties.
: The length of the tenancy may be for a given period of time, for an indefinite period of time, (e.g., renewable/cancelable on a month to month basis), terminable at any time by either party (at will), or at sufferance if the agreement has been terminated and the tenant refuses to leave (holds over). See Restatement of The Law 2d Property: Landlord and Tenant § § 1.4-1.8. If the tenancy is tenancy for years or periodic the tenant has the right to possess the land, to restrict others (including the landlord) from entering upon it, and to sublease or assign the property. The landlord-tenant agreement may eliminate or limit these rights. How would I be able to do that? Own the home? My landlord bought this home after i had lived in it after 6 yrs he's owned it for a lttle over a year, I pay him rent but he hasnt been paying the morgage is there any way to own this house?
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