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Sell and Lease-Back Program.
We understand that life has
its bumpy roads. Jobs come and go. One day all is fine then something
unexpected, for example, an accident, illness, death in the family,
or pregnancy occurs and you lose time at work. Then you start falling
behind in your payments. You get back to work and can afford the payments
but now you are buried with late fees, interest, attorney’s
fees, and possible court costs. Where do you get the money to payoff
all these arrears? You can negotiate with the bank and reach a forbearance
agreement but then the money you owe is prorated and added to
your current payments. This may exceed the limits of your budget.
You may also need to make repairs to your home and can’t afford
to play catch-up and also try to keep-up with the maintenance.
If your priority is to be able to remain in your home, then this
Sell and Lease-Back program may work for you. If you are flexible
with your terms and price, we can purchase your home from you, then
lease it back to you at an affordable rental price. To qualify for
this program you must have a steady job and can pay the monthly
rent.
If you qualify for our Sell and Lease-Back program, you can remain
in your home and purchase it back from us within one year. The price
will be determined by an appraisal at that time. There is no requirement
for option money to be held in escrow. The lease will clearly state
that you have a “first right of refusal” to purchase
the house back. Meaning that we can’t sell it to anyone else
without your consent within that term of the lease as long as you
are current in your payments. During this one-year term of the lease
you will have the opportunity to repair your credit and become eligible
for financing to buy your home back. Here’s the catch; if
you are unable to be approved for financing by the end of the lease
term, then we have the right to sell the property to anyone. Also,
under a Stipulation Agreement in the lease, if you default on any
of the terms of the lease, you have pre-agreed to vacate the premises
immediately without any further action. But if all goes as planned,
you keep your home.
This way you can stay in your home, if you have children they won’t
need to transfer to different schools or rent a home further away
from work. You can stay in the environment you have become accustomed
to. |
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