The lesson here is to never close with work remaining un-done by the seller.

Amend lease to reflect the new property conditions and the new rent and have them sign and date.3) Request politely that they not use profanity, say you hear that they are upset by the change but unfortunately your hands are tied, and in response to any threats calmly assure them that "Pay rent or quit notice" will be served following the lease guidelines if they do not pay rent.Not legal advice, but that is how I would handle.I would also probably look at selling this property down the road unless the cash flow is really good.

(This is what I use in California) The concept is to keep the fact that the property has been transferred private.The sales transaction remains unrecorded i.e. the deed is not recorded or the contract of sale or the financing agreement.The transaction is maintained in the records of a settlement /escrow management companyEnough documentation is recorded to protect the seller and buyer in the chain of title without making the fact that the property was transferred public recordExisting loans, taxes, insurance are paid by the buyer into a collection account, which in turn pays all the accounts required to service the propertyRecording a deed or contract is not required in most states to make a valid transferNot disclosing the new sale to the underlying lender is not illegal in most statesKeeping the transfer from the lender is not a crime or against the law.

In an equity stripping scheme an investor buys the property from a homeowner facing foreclosure and agrees to lease the home to the homeowner who may remain in the home as a tenant.

They will reamortize your remaining payments over time lowering your required monthly payment.

I thought you had to research things like this because, absent the mortgages on the property, all other liens remain and are binding.

., contracts that remain essentially unfinished for a period of longer than 180 days.

It is my understanding that the house will be fair game at the public auction regardless of familial ties.

The best thing I can see to do is to buy the property subject to his current financing, or agree to purchase on contract at 105% of market and try to wholesale the deal as an investment.He just doesn't want the mortgage payment anymore and wants to cut the emotional tie he has with the property.

I hate to say we need to sell fast (I'm just waiting for a PM here ;-), but we don't want to be tied down too long.