RE: Please help

[Chris Christensen]

Hi All!
I am a newbie and was hoping someone might be able to give some advice on what I should do. I am currently renting a property that has recently went into default. I haven't spoke to the owner yet, but am flabbergasted that he has let the mortgage go into default, as far as I know there is no reason why he shouldn't be making the payments(he is a lawyer and a RE agent in CO and FL). He has already paid off the mortgage once before, than took out another loan in 2004 for 142k, the prop is worth 250k to 300k. The current balance is 93k and about 5k in arrears. I have the right of first refusal via the current lease. The loan is with GMAC and I live in Colorado. I would appreciate any help.

Thanks,
Chris