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This month he stated that he/they (LCC) are ceasing business with their current bank but something seems strange as my bank called to request authorization for him to cash my check that he'd altered to place only his name on it. Should I be checking court records or something else as I have a lease-option purchase agreement with the LCC up in 2010 but seeking to end in 2009?
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Posted: Nov 13, 2008 at 11:29 AM
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You might want to check with the Public Trustee to confirm the property is not going into foreclosure. If your state does not have a Public Trustee, check with the agency that starts foreclosures. If your landlord is not making the mortgage payment, you may find yourself being evicted by a mortgage company.
Dec 11, 2008 at 10:32 PM
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I'm not convinced that the situation is suspicious. In a slightly different scenario, if a property is sold, from one party to another, that sale is subject to the terms of the rental agreement. In other words, the new owner does have to accept that there is an existing rental - he/she can't just arbitrarily throw the tenant out, unless the tenant somehow - like not continuing to make the payments - breaches the agreement. In that scenario you would legally be obligated to start sending the rent checks to the new owner. It wouldn't hurt to get a local attorney's opinion, and that will hopefully ease your mind.
Dec 5, 2008 at 12:31 PM
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Hi Tara,
I would contact a local attorney and have them review your lease-option purchase aggreement. If you need a qualified attorney I can refere one too you.
Dec 5, 2008 at 9:44 AM
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ummm yeah, I assume you have a leasing contract, until that contract is null and void, and another is written, it's your obligation to pay that company.
Could be that he wants direct money not recoupable during a bankruptcy, or other means that the LLC will have to pay if going bankrupt.
I'm not a pro or a lawyer, but it seems fishy, stick with what you signed... you may make him/her mad, but then atleast they have no legal grounds to kick you out down the road, or the new owners see proof of you paying every month on time.
Nov 13, 2008 at 12:44 PM
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