I found a house that was offering a lease purchase. I met with them and we came to some terms. They never asked to see anything- not even a paycheck. I didnt have to give any proof of prequalification. I later found out I was misled on some of the utilities when I was budgeting to make sure I could afford it. Now after the papers are signed, they are trying to change the lease purchase agreement to reflect a lower price on the house, but still @ $25000 more than the house is worth. I have contacted lenders on the advice of the owners and was denied and told I would never be approved for the amount that they want for the home. Now, I am now looking at paycuts/termination where I wont be able to afford the monthly amount with the buy option $ added ($500-making it $2400 a month). I have asked that we drop the buy option so I can still pay electric, etc. But they will not budge. They knew from the start that I would never be able to get the financing for this property and I clearly didnt know what I was doing. I believe that there is also issues with the option paperwork. I need to know if i have a leg to stand on before taking this to a lawyer. As I am a single mother of 3 and about to take a devesting cut in pay if not termination due to budget cuts by the state. I cannot afford to waste a couple hundred dollars on a consult if I have nothing. I will most likely be moving out before I even finish unpacking. What are the possible consequinces?
Lease purchase issues
- Thread Starter RLHB
- Start date
