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Can someone do a rent to own even though it's through the…

Can someone do a...

Can someone do a rent to own even though it's through the bank

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

Pennsylvania

Lawyer's Assistant: Has anything been filed or reported?

Not sure what your asking.reported or filed?

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Answered in 1 minute by:
3/13/2018
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,563
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Can you explain what you mean by "through the bank"? Are you saying the bank owns the property and is selling under a land contract?

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Or that the seller has a loan through the bank and wants to sell to someone privately without paying off the bank first?

.

Or something else?

.

.

thanks

Barrister

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Customer reply replied 4 months ago
Owner has a mortgage.can he go to a lawyer and have a contact to do a rent to own
Customer reply replied 4 months ago
Is this a one time payment?
Customer reply replied 4 months ago
Of 59 dollars
Customer reply replied 4 months ago
Not taking my debit card

The phone call offers are auto generated by the website, not me personally. I do not participate in the phone call program for the site and limit my interaction with customers only to the website because I like to have time to think about a customer’s question and research it so I can provide the best answer possible in writing.

.

However, if you have requested a phone call with an attorney, your request will post to other experts that do offer this service. When another attorney accepts your request you will get additional instructions.

.

I am more than happy to continue on the website though.. just a couple minutes..

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Customer reply replied 4 months ago
Ok
Customer reply replied 4 months ago
I don't mind contacting with you
Customer reply replied 4 months ago
Continuing

Owner has a mortgage.can he go to a lawyer and have a contact to do a rent to own

.

Yes, there is nothing that would prevent the owner from selling under a land contract to a 3rd party buyer. However the owner would still be liable for the mortgage payments even if the 3rd party buyer defaulted and stopped paying.. The owner would still have to carry insurance and pay taxes on the property or they would notify the bank and that would be a default in the mortgage terms..

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So if the owner is considering this, they would want a large downpayment of around 20% or so to ensure that they had a cushion of money to cover any legal action that might be necessary if the buyer defaulted and the owner had to sue and foreclose on the property.

.

.

thanks

Barrister

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Customer reply replied 4 months ago
Thank you.you were a help

You are very welcome. Happy to help any time.

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

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Hello again,
.
I just wanted to touch base with you and check in.
.
Did you have any further questions I can help with?
.
.
Thanks much
Barrister

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,563
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
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Barrister
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