cure notice?

The Lease Option generally terminates and requires no further action to cure other than what is required by a landlord and the same with the Lease-Purchase....but a poorly drawn Lease Purchase can easily get to a point where a foreclosure action would be required.There is also one you didn't ask about and that's a Contract For Deed, where title is held by the seller until the terms of the contract are met and then a pre-arranged deed is delivered to the buyer and in the event of default by the buyer a quit claim deed is delivered to the seller or for their benefit.

Besides yellow letters aren't the fix/cure all for every situation.

If Seller's title is rendered unmarketable, Buyer shall within said five day period, notify Seller in writing of the defect and Seller shall have thirty days from date of receipt of such notification to cure said defect.

Better check too about contacting people who have been served with notices of foreclosure, while notices are public knowledge, contacting them and offering ways to cure their problem can get you in hot water, especially if they already have an attorney.....not raining on your parade, just beware!

I agree with the OP's friend as to the other benefits.A problem sometimes with evicting for non-payment, is that they can show up to court and cure on the day of the hearing.  

The upset bid to cure the first may be doable, who knows? 

With the loss of his income the two sisters fell behind on the mortgage and the house is in foreclosure, cure deadline is Oct 15.After walking through the house and speaking with the sisters we made a deal and they signed my contract.

Thus the worst case scenario is that you will have to pay the loan off rather then continuing to make the mortgage payments.No big deal as you should never buy Sub2 without the ability to cure the notes taken.

As someone who wrote a wee little book on Sub2 and has bought a lot Sub2 let me state that no one should buy Sub2 unless they can cure the underlying voluntary and involuntary liens when needed.