Northern Virginia Renter Under Unrecorded Contract For Deed Arrangement May Lose Home As Landlord Stiffs Bank While Pocketing Monthly Payments

In South Riding, Virginia, WRC-TV Channel 4 reports:

• The foreclosure crisis is trickling down to renters and people leasing homes with the hope of purchasing them some day. In late 2005, William Craig signed a contract offering a lease with an opportunity to own a South Riding dream home, he said. Instead, he lost the home and all the money he invested in it. On July 25, Craig's landlord e-mailed him to let him know the home was in foreclosure. An attorney sent Craig the newspaper clipping of the public auction notice. [...] The auction is slated for Friday, but the landlord and his real estate agent told News4 that they're negotiating with the bank so that Craig can take over the mortgage payments and own the home.

For the story, see Foreclosure Ends Loudoun County Man's Lease-To-Own Contract.

Go here for the more extensive video report.

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