Lease Back Program Allows Upside Down Homeowners To Stay and Lease Back!

There’s new pilot program that is providing a more attractive solution for homeowners who cannot afford their homes but have valid economic hardships and steady incomes to afford a lease payment. -This could be monumental and game-changing, as it will essentially allow a principle reduction to market value.

The HAFA guidelines were changed last year and a provision was added that allows a non profit organization to purchase a short sale and allow the homeowner to stay put and rent or lease the property back… Many times, as long as they are qualified, there is a lease option put in play where the homeowner purchases the property back at market value.

In March 2011, U.S Treasury first referred to this groundbreaking initiative in language known as Supplement Directive 11-02, and introduced the concept to servicers., it added the following specific language to the Making Home Affordable handbook:

“The terms of any sale approved by the servicer that provides an option for the property to be sold to a non-profit organization with the stated purpose that the property will be rented or sold to the borrower.”

Servicers subsequently did nothing to implement the option in their HAFA guidelines. Other companies inspired by Treasury’s foresight recently launched pilot programs in California. (Do you qualify for the new HAFA Short Sale Lease-Back Program? Call me  today at916-316-3810 for an interview.)

Here’s some recent articles on this and other programs:

What will it take to qualify for a hardship? Call, text or email me! 916-316-3810   [email protected]   Let’s talk about it!

Agents must be certified to do these sales… I would love to hear from you if you might know of someone this program could benefit!

Questions on your particular situation? Contact us today at Forth Hoyt’s Sacramento Short Sale Center.

or call: 916-316-3810