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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Lease options suck for everyone involved.. Posted by Ward-CA- on June 13, 2003 at 10:05 PM In Reply to: lease options posted by Brick Barrick on June 13, 2003 at 12:37 AM : hi ward: : I am interested in offering equity sellers a lease option to buy back and stay in their property after they have transferred title to me and I have reinstated their loans and stopped the foreclosure process. : I understand the risk is increased due the time involved. : Is there a legal reason why we would not be able to offer this program to equity sellers? : Please advise. Thanks. =================== Brick, Besides the dragged out time issue, there's another risk raised by CC Section 1695.12: "In any transaction in which an equity seller purports to grant a residence in foreclosure to an equity purchaser by any instrument which appears to be an absolute conveyance and reserves to himself or herself or is given by the equity purchaser an option to repurchase, such transaction shall create a presumption affecting the burden of proof, which may be overcome by clear and convincing evidence to the contrary that the transaction is a loan transaction, and the purported absolute conveyance is a mortgage;" Follow Ups: Re: Lease options suck for everyone involved.. Joe Kaiser 8:11 AM, 06/14/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : hi ward: : : I am interested in offering equity sellers a lease option to buy back and stay in their property after they have transferred title to me and I have reinstated their loans and stopped the foreclosure process. : : I understand the risk is increased due the time involved. : : Is there a legal reason why we would not be able to offer this program to equity sellers? : : Please advise. Thanks. : =================== : Brick, : Besides the dragged out time issue, there's another risk raised by : CC Section 1695.12: : "In any transaction in which an equity seller purports to : grant a residence in foreclosure to an equity purchaser by any : instrument which appears to be an absolute conveyance and reserves to : himself or herself or is given by the equity purchaser an option to : repurchase, such transaction shall create a presumption affecting the : burden of proof, which may be overcome by clear and convincing : evidence to the contrary that the transaction is a loan transaction, : and the purported absolute conveyance is a mortgage;" Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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