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New Short Sale Leaseback Program

As Seen On…HomeStrong USA Short Sale Leaseback Program on NBC 4

HomeStrong USA’s Short Sale Lease Back (SSLB) program is a new program that allows qualified homeowners to short sale their home and remain as tenants.  Homeowners facing a foreclosure may now be able to stay in their home after a short sale and also potentially buy the same home back at market price.  Homeowners can effectively reduce their mortgage balance, monthly payment, and rebuild their credit with this program….and all without having to move.

Short Sale Leaseback Program Highlights

  • Homeowners MUST work with an approved participating nonprofit such as HomeStrong to determine eligibility.
  • 12 month minimum lease term available with an optional 2 year extension if necessary.
  • Includes mandatory financial management seminars and continued one-on-one counseling provided by HomeStrong USA and other local HUD-approved nonprofit organizations.
  • Families will rebuild credit history. Monthly lease payments are reported to participating credit bureaus.
  • No need to put up a “for sale” sign, the property is bought directly.
  • Any forgiven debt associated with the sale is treated like a conventional short sale.
  • Monthly housing payments will be based on market rental rates

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    Short Sale Leaseback vs. Conventional Short Sale

    The process is similar to a conventional short sale in that debt is forgiven and a toxic mortgage can be abandoned.  However, unlike a conventional short sale, a short sale leaseback gives the homeowner the the ability to stay in the home and lease the unit from an approved non profit.  This lets families stay in the homes and communities that they have grown to be a part of and give them a chance to rebuilt without relocating.   For many homeowners, the short sale lease back is an ideal solution, allowing families to stay in their home, kids to remain in school, and lives to continue without interruption.  But this solution may not be for everyone.  Take a look at some additional options  homeowners have to either avoid foreclosure, get out of a toxic mortgage, or out from a loan that is underwater.

    Foreclosure Alternatives – At a Glance

    Short Sale Leaseback Pro/Cons

    • You can stay in your own Home
    • Lower payments to Market Rental Rates
    • Avoid Foreclosure Rebuild your Credit while renting
    • Underwater Debt is Forgiven
    • No “for sale” sign, home is bought directly from HomeStrong
    • Receive up to $5000 in assistance from Keep Your Home California’s Transition Assistance Program *(Qualifications Apply)
    • Must use approved Agent and Non Profit

     

     

    Conventional Short Sale Pro/Cons
    • Lower payments to Market Rental Rates
    • Avoid Foreclosure
    • Rebuild your Credit while renting
    • Underwater Debt is Forgiven
    • Can use any Agent
    • Can’t stay in Home
    • Must “show” home, put up for sale on MLS

     

    Loan Modification Pro/Cons
    • Stay in your own Home
    • Lower Payments
    • Avoid Foreclosure

    • No Debt foregiveness
    • Must “show” home, put up for sale on MLS
    • Might Only be Temporary
    HARP Refinance Pro/Cons
    • Stay in your own Home
    • Lower Interest Rate
    • Lower Payments
    • Lock in your Rate and Payment for life of the Loan
    • No Debt foregiveness
    • Savings may only be minimal
    • Must be Current on payments
    • Need to pay Closing Costs and fees associated with refinance.

     

     

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