Mortgage company has payoff information

Q. We are about six months behind on our mortgage and were recently served with foreclosure papers. We have been trying to sell our house and we now have someone interested. Our problem is that we don't know exactly how much we owe so we don't know if the sale price that we are discussing will be enough to pay all the costs and expenses of the sale.

We called our mortgage company to try and find out what we owe and they told us we needed to talk to the law firm that is handling the foreclosure. We called the law firm numerous times and left messages, but no one ever called us back. Finally, a few days ago, I got someone on the phone who promised she would call me back. She did call today and told me that I had to get the number from the mortgage company. Now I don't know what to do.

It's hard enough being in this situation, but I really get the feeling no one really cares about helping us. I would think the mortgage company would be happy we are selling the house, but they seem totally disinterested. The one time I got someone on the phone from the law firm she seemed like she was too busy to help me and I got the feeling like she couldn't wait to get me off the phone. All I want to know is how much we owe. Any ideas on how I can find this out?

A. Unfortunately, your story is being played out hundreds if not thousands of times a day. It is the result of a flood of foreclosures and overwhelmed lenders and law firms.

That being said, the way homeowners in your situation are being treated is disgraceful. It is virtually impossible for a homeowner to obtain the information you seek because, as you learned, it is incredibly difficult to get anyone on the telephone that has the time or inclination to help you. In almost all cases where I represent a homeowner in a foreclosure situation, I take over the responsibility of obtaining payoff figures because as an attorney, sooner or later, I can get someone on the phone to offer the assistance we need.

All I can suggest is be persistent and focus on the mortgage company. That is the source of the information you seek. Tell them you are trying to sell your house and your inability to obtain a payoff figure is threatening the sale. Eventually, you will find someone that is willing to make the effort to assist you.

Q. Four years ago, I rented a house from a guy with an option to buy. On the lease, we wrote in that I would have the option to purchase the property for $200,000. It was a one-year lease and there was no time limit written in on when I was required to purchase the house.

A few days ago, I told the owner I was ready to purchase the property. The owner said that the option to purchase was only good for the original term of the lease, which was one year and that the option has now expired.

Nothing in the lease says the option is only good for one year. Do you think my option is legally enforceable? The property is now worth way more than $200,000 so I don't think he's going to sell to me unless he has to.

A. This is an interesting one. Of course, I would need to review the documents, but to offer an opinion based upon what you have provided, I believe you could legally enforce the option.

Arguably, the original lease was extended each year. Accordingly, the terms were also extended. In other words, I believe the owner has granted you three one year extensions on your option to buy.

I would suggest contacting a real estate attorney to review your documents to determine your legal position.