Lease Option Texas/California?
Please advise if certain laws prohibit doing L/Os in Texas and California. We are looking to do some investing in these areas and have been told to stay away. Keep in mind I work primarily in foreclosures. Thanks and any advice will be helpful. Be blessed.
I am a mortgage banker/broker, and I write deals in Texas. I have not heard of any such laws prohibitting lease options (lease-purchase refis) in Texas, however I will look into the subject and post.
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Thanks so much your input is much anticipated. Be blessed.
Mercifully, I don't live in either state but I try to keep current. Both states permit lease options.
Both states (especially CA) have tough laws regarding foreclosure and dealing with distressed property owners..
I thank you so much. A couple of months ago we were trying to purchase some foreclosing properties in TX and do some sort of Lease Purchase Option with the owners so they could stay in their homes, needless to say there was something wrong with the structure. As far as CA I hear almost impossible. Both states seem to have a problem with someone facing foreclosure; in foreclosure; or has been foreclosed on cannot buy (lease to own) for at least a year. I guess I am wondering what loop holes could we use? Thanks again for all your help. Be blessed.
I think it is noble to try to help someone stay in their home when faced with foreclosure, BBBBBUUUUUTTTTTTT, if they can not afford to be there (the foreclosure) should you put out money to keep them there longer. I am all for living within your means.
How are the people in foreclosure going to come up with money for a lease option if they have no money to put down an option?? I am curious if you have some insight that I have missed. Please inform us all. I am sure there are others who would love to hear.