Do I need to continue my RENT-TO-OWN monthly due if the person who owned it received the GUARANTEE LETTER from the Bank which I was approved to my loan to pay the property

Have a blessed day to all. I just want to ask any help or advise regarding in my case in our mortgage.

I am now in RENT-TO-OWN property which is I am paying for more than 2 years already in a Private person who owned the property in one subd.

The interest is quite high so I decided to make a Loan in a bank which is they approved the application. Will you please help me to find out if the person who owned the property received already the GUARANTEE LETTER from the Bank that | applied for the loan, saying that my loan was approved and they will pay the balance of my mortgage to him, should I stop paying the monthly due for the property until the Bank pay him for my balance, because the Bank asked him to give the copy of Statement of Account so that they will know how much do the BAnk need to pay him in behalf of us.

PLease I do really need you advise for this matter , I don't have any idea because the person who owned the property saying that we need to continue our monthly mortgage and if the money release to him by the bank he will give us if there is any excess money for the amount that the Bank approved us the amount.

Thank you very and I am hoping for your response. More power and God bless us all.

Yes you may but the thing is the owner agree for this ? Because later on the owner can demand that it's not stated on the contract that you are allowed to pay in full amount. Check the contract first.