Newly launched short sale lease back programs lets homeowners short sale to escape toxic mortgage debt and foreclosure, but lets them rent back the home.
Rancho Cucamonga, CA -- (SBWIRE) -- 05/17/2013 -- A home repossession is one of the most stressful things to face. Sadly many families all across America are facing that difficult situation every day. When people lose their jobs and there is no income to pay the mortgage then it can often lead to a home being summarily foreclosed by the mortgage lender. However it doesn’t have to be that way. There are programs that can help people beat repossession and stay in their own homes.
One foreclosure related website that is getting a lot of attention is ShortSaleLeaseBack.org. This is a website that allows homeowners in mortgage difficulty the opportunity to sell their home and then rent it back. This program is quickly building up a reputation as the best way for people to stop their home from being foreclosed without having to move.
The short sale leaseback program works in a similar way to a conventional short sale. This means that the toxic mortgage debt is completely removed, and the decimation of credit history is avoided. However unlike a normal short sale, the previous homeowner can remain in the home as a tenant. This stops a huge amount of family upheaval and stops people from having to dramatically change their lifestyle. When times are better, the homeowner may even be able to buy their home back at market price. This is known as a short sale buy back.
The ShortSaleLeaseBack.org website contains detailed information about the options surrounding a short sale lease back program, and provides a way for homeowners in crisis to start the process.
A spokesperson for the website said: “Foreclosure of a home is probably one of the most difficult experiences that a person could possibly deal with, at least when it comes to their financial circumstances. It can completely ruin someone’s credit history and the ability to get a mortgage in the future. Many homeowners turn to short selling as way to get out of their mortgage and start again with a fresh slate. However this isn’t without its problems, because homeowners still need to move out of their home and find somewhere else to live. With a short sale lease back program, homeowners can short sell their homes and also avoid the upheaval of moving. It can often be the perfect solution for those facing foreclosure on their home.”
ShortSaleLeaseBack.org is a site that contains detailed information about short sale lease backs, a way for home owners to avoid foreclosure and stay in their own homes.
For more information please visit http://ShortSaleLeaseBack.org