3rd Party Payment Processors

[Cody Lekberg]

I can’t seem to find a good answer to this anywhere. I’m about to enter a lease purchase where I am the one leasing to own. The people who own the house have a mortgage on it and will be purchasing another house. My concern is that I’ll be paying rent to them and they, in turn, will be paying the mortgage on the house I’m living in…hopefully.

I like to plan for the worst and hope for the best, so I worry about them getting into a bad financial position and then not paying the mortgage for the house I’m planning on buying. If that happened, the bank would foreclose and I would be out the $65,000 I put down plus any improvements I’ve made. 

I’ve asked to have to have a third party take my monthly payment and then pay their mortgage directly so there is no risk of them making off with my monthly rent and not paying their mortgage. Now, these are good folks and I don’t think they are out to get me but I really prefer to have my bases covered. Have you ever heard of a company that processes payments like this?