"We provide a healthy alternative to these families and help them begin the process of recovery – both emotionally and financially.”
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Irvine, Calif. (PRWEB) February 21, 2013
The Lease My Home Back program is designed to offer free solutions to transitioning homeowners that have no viable options. Through the program, the distressed homeowner’s home is purchased through a short-sale transaction and then leased back to the homeowner at an affordable rent. By leasing back their existing home, homeowners are able to preserve home life by limiting major disruptions or drastic changes, children are able to remain in their same schools and schools districts and families are able to avoid expensive moving costs and excessive deposits.
Applicants are screened based on affordability rather than credit worthiness and all rental payments are determined using market comparables. Additionally, all applicants receive counseling for financial literacy from a HUD-approved housing counselor. These factors help ensure a smooth transition and prepare the family for future homeownership.
“The Lease My Home Back program is in many cases the last resort for these homeowners,” says Lease My Home Back CEO, Andy Firoved. “In fact, many that we have helped can’t afford to move and do not have the resources or funds to pay for moving expenses or deposits. We provide a healthy alternative to these families and help them begin the process of recovery – both emotionally and financially.”
The program has initially launched in Chicago, Atlanta, Tampa, Orlando and Miami.
ABOUT LMHB: Lease My Home Back provides affordable rental solutions to families facing foreclosure. Through a joint venture between Roofs Across America™ (RAA) and HomeStrong USA, Lease My Home Back is preventing homelessness by purchasing homes and renting them back to the original homeowner at an affordable rental payment.