Mortgage Modification - New Innovative Service Helps Home Owners Avoid Foreclosures
Home Lease Exchange, LLC, in conjunction with ForceYourLenderToModify.com, is starting a one-of-a-kind, no-cost offering that intends to help hundreds of thousands of home owners in peril of having their homes foreclosed. The new service will compel lenders to either become landlords or agree to mortgage modifications.
The basics of the plan is to have distressed homeowners near foreclosure sign into long-term leases with nearby distressed homeowners who are also contending with the threat of foreclosure. When foreclosure is imminent, letters are sent to the lending institution informing the lender of the existence of a long-term lease. This fact hinders any potential sale because by law the lending institution must tell any interested buyers about the long-term lease, thus complicating any sale. As time goes by and the homes do not sell, the lenders’ only option is to purchase the property themselves.
“Banks don’t want to be landlords, so their best option is to modify the loan for the current homeowner,” said Michael Levin, Managing Director of Home Lease Exchange. “Homeowners can then cancel the lease if a modification occurs.”
The plan gives the homeowner one up on the bank as the Helping Families Save Their Homes Act states that lessees have the right to remain in the home if the lease was signed before total title of the property has been changed.
“The lease agreements facilitated through Home Lease Exchange are safe-havens for struggling individuals and families by providing no credit checks or security deposits,” added Levin. “Only the first month’s rent is required to move into a property. Homeowners will be making the lease terms easy through Home Lease Exchange because they realize that helping one another is their only defense against a system stacked against them.”
If a bank opts to foreclose, Home Lease Exchange allows the dweller to lease another home in their neighborhood that has also under gone foreclosure. The service is also accessible to people who want to lease homes under fair conditions.
