Short Sale Lease Back

“How poor are they that have not patience! What wound did ever heal but by degrees?”

                                                                                                                     - William Shakespeare

You May be Able to Short Sale Your Home and Stay

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short SaleHomeowners facing a foreclosure may now be able to lease back their home after a short sale.

A newly launched program provides another option for homeowners who can’t afford their mortgage payments or have been rejected for a loan modification.

The Short Sale Lease Back (SSLB) Program was inspired by changes to the federal Home Affordable Foreclosure Alternatives short sale program. Program founders designed it to help distressed homeowners find an alternative to foreclosure and more quickly return to the housing market as buyers.

A short sale occurs when a property is sold for less than is owed on it and the bank agrees to a discounted payoff. In recent years, banks and servicers have required that a short sale be an “arm’s-length” transaction, meaning the buyer and seller could not be related and could not have a prior agreement for the homeowner to stay in the property.

The U.S. Treasury Dept. in March 2011 issued a supplement, or amendment, to the HAFA guidelines to allow “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.”

It further strengthened that option in a November 2012 supplement that smoothed the process for such a sale.

In December, two major lenders accepted a short sale with a lease-back on a Riverside home in the program. Lender CalVet approved the program’s first transaction, on a Hemet home that closed in August.

The SSLB Program was founded in June 2011 by real estate broker Bob Irish, the architect, and Inland Empire real estate agents Jacob Swodeck and Brian Bean as a California pilot program. The team plans to expand the program outside California in 2013.

PROGRAM DETAILS

  • Homeowners must work with a licensed agent who is trained and certified by the Short Sale Lease Back Program.
  • A qualified non-profit would purchase the home in a short sale.
  • The homeowner’s lenders must approve of the lease-back terms – the intent of the sale and tenancy cannot be hidden from the lienholders.
  • The seller would lease the home for a minimum of three years, allowing their credit to heal so that they could qualify for a mortgage and re-enter the housing market.
  • Homeowners must attend ongoing HUD and financial-literacy counseling and speak with legal and tax experts to ensure the program is the right fit.

Not all homeowners qualify for this program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments. And the home must meet the return-on-investment requirements for a buyer.

Homeowners who don’t qualify for this program can still proceed with a traditional short sale, which may include a relocation incentive from $2,500 to as high as $45,000, depending on their lender, loan amount and individual situation.

Either option is better than a financially devastating foreclosure, which can crush a consumer’s credit, hinder their ability to find a home to rent and perhaps even impact their jobs.

Banks prefer short sales over foreclosure and even loan modifications because they net 12 percent to 25 percent more money from them.

And banks are beginning to embrace the concept of a distressed homeowner leasing back a home after a short sale.

DO YOU QUALIFY?

The Short Sale Lease Back Program is now interviewing applicants. To qualify, homeowners must:

  • Live in the property as their primary residence.
  • Have steady, verifiable income.
  • Have a valid hardship and be able to qualify for, and complete, a HAFA short sale.

Want to know if you qualify for this innovative program? Call (951) 778-9700 for a FREE consultation. Or use the Contact Form Below.

Don’t wait – it may be too late. We are currently scheduled one week out for appointments.

I Want Info About The SSLB Program

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Free Special Reports
 The Facts About Short Sales
An invaluable 22-page report that anyone considering a short sale should read. Includes an informative FAQ Section for Homeowners.
 9 Alternatives to Foreclosure
You have a right to know your options. This report includes a guide showing you what your options are so that you can make the decision that is best for you and your family.
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IMPORTANT NOTICE: We are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

Short Sale Lease-Back | Riverside Short Sale | Short Sale and Buy Back | Riverside Real Estate | HAFA Short Sale | HAFA Lease Back | Short Sale and Stay | Riverside Short Sale Agents | Short Sale in Riverside | Orangecrest Short Sale | Mission Grove Short Sale

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