I have a lease on my proberty with my son and his wife and h

ko5716 · Joined: 17 Nov 2008 Posts: 2 1.00 Dollars($)

I have a lease on my proberty with my son and his wife and he is in prison is this lease still good?...we sighned the lease with the option to buy before we knew he had broke the law. and what does the word option actually mean does that mean we have the option not to sell it to him?
Thanks ko5716

gmakerley · Posted: Fri Nov 21, 2008 9:32 am Post subject:

so...you are the current owner and you've granted this option to buy. the option is not yours, but your son's and his wife.

now, even if he decided to exercise his option, how would he be qualified for a mortgage while incarcerated? in other words, what is your particular worry?

Guest

My particular worry is knowing the law that he broke i don,t want him to have my proberty anymore seeing i cut him a break in the price! So can you tell me if his wife can get the money and buy the house well he is still in prison? Thanks ko5716

gmakerley · Posted: Fri Nov 21, 2008 11:35 am Post subject:

okay, i understand your reasoning. would his wife be likely to qualify to carry a mortgage? you might not know that answer, but one would think there'd be a need for income from both husband and wife to qualify.

jameshogg · Posted: Fri Nov 21, 2008 11:05 pm Post subject:

Hi ko!

I agree with George. You can ask his wife get the loan in her name provided she qualifies for it keeping in mind the market situation these days. In case, her credit is not good, lender will not agree to give the loans. Moreover, does she have a steady income? This will also matter in getting the mortgage in her name.

Thanks.

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