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Short Sale Lease Back Program-Brea CA
New Hope For California Home Owners
Short Sale Lease Back Program has been introduced in California. The organization that's been responsible for pioneering the program that follows strict HAFA guidelines is simply called Short Sale Lease Back. So make sure your agent has the SSLB certification if you are interested in a short sale lease back in California.
This special pilot program has already closed one deal and has others in the works. The program is changing the future of short sale's and gives distressed home owners a viable option when facing foreclosure.
Traditionally short sales have legally required a sale be at "arms's length". Meaning a home seller could not be related or associated with the buyer at all and could not rent the home after the sale. This prevented fraudulent sales, since the home was being sold for less then owed on the loan.
New hope for California home owners facing foreclosure and or short sale. In March of 2011 The U.S. Treasury issued a supplement to it's HAFA guidelines that 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."
Because of that change it allowed the Short Sale Lease Back Program to be born. It allows distressed home owners, facing foreclosure and or short sale, the opportunity to short sale their home and rent/lease it back for 3 years.
Short Sale Lease Back Program-Brea CA
Please contact me for a free consultation to find out if you qualify for this program:
Realtor E. Rick Feldman - Short Sale Specialist, Short Sale Lease Back Certified, SFR
909-234-2711 Rick@RicksRealty.com
Short Sale Lease Back Program-Brea CA
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