Legal Question in Real Estate Law in New Jersey

Re: Home in foreclosure

I have seen several of these deals. They are not outright scams but they are a thinly disguised attempt at converting any equity that you might have in your home for the benefit of the lender. The lender is betting that you won't be able to keep up the payments and will eventually default on the deal That puts them in the position of taking over any equity that you may have built up. Another complicating factor is that, since the lender doesn't plan for you to ever be able to buy back the home, the transaction is sometimes sloppy.

If you have found a deal like this that looks good to you, have a lawyer look it over and be sure to get representation at settlement.

See also: http://info.corbettlaw.net/lawguru.htm

Re: Home in foreclosure

I have heard of several such deals that are scams. Because you are paying the company that buys your home, that company isn't necessarily paying the lender to whom you owe the mortgage money, so the home may still be foreclosed. The buying company may also sell the property to another buyer, unless the appropriate agreements are recorded in the land records in your county so that anyone who would attempt to buy the house knows that you have an interest in it.

Be sure to be represented by a knowledgeable real estate lawyer to protect your interest, if you even decide on this course of action.

Re: Home in foreclosure

There are companies and individuals that do creative solutions like this. I have worked with people to write up agreements to do this. You just need to find someone who is willing to buy your house and then enter into a Lease Purchase Agreement with you. Best of luck in finding someone who will do this with you. Rob Gleaner