mississippi foreclosures
Landlord going into foreclosure…help!!?
My husband and I entered into a lease purchase contract with a builder 6 months ago. The lease was for a year. We made a $5000 deposit that was supposed to go toward the downpayment on the home. We found out last week that the builder is going into foreclosure (process started 4 monts ago) and the house will go to auction 3/6/09. My husband and I have decided that we no longer want to deal with this and want to pack up and leave. Will we be penalized for this even if the builder will no longer owns the home? Also do we have any rights to get out deposit back (we are in the state of Mississippi)?
Thanks for your time all suggestions are appreciated!!!
You need a lawyer to review your documents and see if you can recover your $5k.
Since the house is being sold at auction, you might need to consider that your money is gone.
If in your shoes I would pack up the bulk of my stuff, but stay right where you are at. If you want any hope of recovering your deposit, I would not leave until forced to.
But for goodness sake go and consult with a lawyer or two and find out what if anything you can do.
Good luck
