Burned By A Lease Option?
I'm not one to believe everything I read, but I have to say that John T. Reed (www.johntreed.com/leaseoption.html) makes a compelling argument regarding the validity of L/O's and their ramifications as a whole.
My question is simple, has anyone here been burned by:
1. having a judge deem a L/O agreement a 'land-contract'? If so, what happened?
2. having a DOS clause called by a lender? If so, what action or inaction actually caused the lender to call it?
I'm new to this, so if I'm missing some points, I'd appreciate some help. After reading Reed's L/O and DOS articles, I'd like to know what happens in the 'real world' on a daily basis. If people were/are losing their shirts with L/O's, I wouldn't think there would be a dedicated subject on this forum, or anywhere else for that matter.
1. No.
2. Absolutely not.
[addsig]