Housing and Moving After "Deal" Falls through...What Do You Do?

You definitely need to get some legal advice to find out what your rights are and what you can do. Unfortunately, I think your story is becoming more and more common these days. Here is some info on a great legal service that will enable you to get that advice you need plus so much more for a low monthly fee (as low as $17 per month). Check out the clip at greatlegalhelp.com and email me if you would like to enroll (no contract, but once you understand the power, you will never want to be without it). It is a great service that has helped me recover over 20K in the past 7 years plus I can't tell you how much it has saved me in time, money and aggravation too.
Good luck!
S.

Sounds like a lawsuit to me. If they have gone against the contract you signed, I would definitely take some legal action to either force them to let you buy it, or get your money back. That's fraud.

Get a free consultation with Adam Ford. He's an attorney who does Real Estate stuff, and his office is there at THanksgiving Point. Bring your docs, and he'll let you know your options: ###-###-####. (And tell him K. said the consultation would be free. :D)

Hope this works out for the best!

First of all I am not a realtor, a lender, and have nevr been in this situation, however, I have heard of this before and have even heard of people getting evicted due to owners losing their home. My suggestion from hearing other recommendations is to contact the realtor and ask him for the name of the /lender that is holding the loan. I would then contact this bank/lender directly and let them know the situation; you were leasing the house on a lease purchase, you had an agreement to purchase the house at said amount, you were planning and are ready to close on the house per this agreement, and would like to continue forward directly with the bank/lender if possible. The bank/lender does not want this house back, it will cost them more to take the house over, put it on the market, and wait for it to sell. If you are ready to buy the house then you are their best option at this point. Maybe you can even negoitate a better deal. If you have a realtor use their help, if you don't maybe consider getting one or do as much research as you can about how to approach the bank/lender , who to approach, and what to say that will work in your favor. Do this ASAP, even if its just letting them know your interest, if it goes into short sale status you then go into the pool with all of the other potential buyers. Hope this helps and good luck:)

It's possible you may still be able to buy the house through the short sale process. Talk to your realtor about it. It may take a little longer as the bank has to approve these deals, but if you really love the house I'd talk to them about it.

I would recommend contacting a real estate attorney immediately and allow him to review your lease to own contract. All that extra money you have been paying every month is supposed to be held toward your down payment so the owner owes you money.

There may also be some kind of a specific performance clause in which case the owner has to perform on the contract. Lease to own obligates the seller if you want to purchase the property. It is you who has the option, not the seller. Also if this is a foreclosure situation, you may have a "beneficial interest" in the property. All the more reason to contact an attorney to help you sort through your rights and the seller's obligations to your contract.

You definitely have legal recourse in this matter.