I currently rent to own, but the owners have received a letter from the tax agency to pay or foreclosure...?

Question:

The owners of the property have until 8-24 to pay or the land and house will be foreclosed.
I do not have the money nor the credit to buy the home and my agreement does not state for me to have to pay taxes.
What happens once 8-24 gets here and the owners dont pay? How long do I have to move out?

You should be looking NOW. The possibility exists that the new owners might want to use it as rental property but there are no guarantees so start looking and just get it over with.

More than likely if there are back taxes the mortgage is not paid up to date either, start looking.

I would start looking now, but realistically, you probably have 2-3 months time. But I would look into purchasing the property at the foreclosure sale. Depending on what is owed, and the property's value, you might be looking at a sweetheart deal.

Hope this helps...

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I currently rent to own, but the owners have received a letter from the tax agency to pay or foreclosure...?

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