Our landlords are going into foreclosure. We...
...rent to own. We're not ready to buy - will we have to move? We don't have a down payment other than the $1,000 deposit our landlords said would be applied to the purchase of the house. We also know they want more than the house will fetch at appraisal (they want $90K, they'll be lucky to get $75K, the comps are in the $60K to $80K range and the house has cosmetic problems including a buckled roof). Our credit could be better - the whole reason we signed a lease to own agreement was to buy us about twelve months to pay off our old collections and save up a few thousand dollars for the down payment and closing costs. (Our scores are abysmal, we're hoping to go FHA) We would prefer not to move, this is the fourth landlord in a row that has allowed a house to go into foreclosure, and we are sick of moving. Do tenants in Indiana have any rights? We've always been on time with our rent.
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