We found a house in a big city where we could get it on a lease purchase. I've never heard of buying this way, but the real estate agent said it was OK.
I went to the attorney to sign the papers and the "owner's agents" signed for her.
I starting paying as instructed to the "agents" on the first of every month until the mortgage company started saying that they never got the payments. Red flag.
After that, I paid the mortgage directly to the bank. This went on OK for two years until the bank sent someone to "see who lives in the house" because someone told them the owner was not there. Red flag.
Come to find out, the owner was not allowed to do a lease purchase without the consent of the bank. Red flag.
I went to a real estate attorney for help. He contacted the bank and tried to contact the agent. No luck in reaching the agent. Red flag.
I contacted the attorney who did the "closing" -- well there was no power of attorney on file for the agent and the owner, so my lease to purchase is void.
The attorney's advice? Stop paying the money to the bank, and start saving my money because I will eventually be evicted since I do not have any legal grounds to claim the house.
I lost my deposit, but I did not really lose my monthly payments -- I consider that to be rent. I never found the lady who owned the house. We tried searching for her but found nothing.
I wish for her to get eaten by huge slimy worms and then attacked by leeches then thrown into one of the swamps around here.
I got suckered, but I learned from this: I don't trust anyone without backup, documentation and double-checking everything.
-- Evans S.