(Victorville)– – The foreclosure crisis has affected every community in the United States, as housing prices fell off a cliff in 2008 and millions of homeowners were left with little options. Few people qualified for loan modifications or debt relief to offset the lost value in their home including thousands in the High Desert. While we still have a record number of homes underwater, homeowners now have a new option if they are facing default.
The Short Sale Lease Back (SSLB) pilot program has been gaining prominence throughout the country in offering homeowners a chance to stay in their homes. Homesource Lamoreaux Residential Group has just announced that agents Jennifer Waters, Nancy Vicuña and Shoray Wolfe have been designated for the new SSLB program, offering Victor Valley homeowners who are facing imminent default one more option. HomeSource is offering a free seminar regarding this program on December 1st at 10am at Hawthorn Suites in Victorville, call 760-684-8100 to reserve a spot.
The SSLB program allows homeowners who are in default and do not qualify for loan modification to short sale the home to a non-profit with the bank’s approval. At the same time, the non-profit agrees to lease back the home to the previous homeowner, now the lessee, for three years at an agreed to price with specified terms. At the end of the three year term, the lessee may be able to exercise a lease option to re-purchase the home at an agreed upon price.
While the program is not recognized by all banks, and each case is subject to their approval, the program is gaining traction. HomeSource certified SSLB realtors have been educated in how the program works and in recognizing homeowners who would be qualify for the SSLB program.
If you are interested in finding out more about the Short Sales Lease Back pilot program, contact Shoray Wolfe, Jennifer Waters, or Nancy Vicuña at (760) 684-8100 or email firstname.lastname@example.org.