How to avoid foreclosure, stay in your home and buy it back for less
“Housing Angels,” an Arizona-based operation, appear to be onto something smart.
The program connects distressed homeowners with cash-laden investors , facilitating short sales to avoid foreclosure situations. But the sale is only temporary.
That’s because the “Angels” then rent the properties back to the original owners at reduced price. And when the homeowners are back on their feet financially, they have the opportunity to buy back their homes for much less than what they originally owed.
It’s a “win-win” solution that AZFamily.com illustrates in the following example:
“… a homeowner bought a home for $419,811 paying $2700 per month for the mortgage. The investor purchased the home for $175,000 and then rented the home back for $1750 per month. This was a significant savings to the homeowner who was experiencing difficult economic times. Then in two to four years, the homeowner is able to buy back their house and in the above situation did so for $232,925.”
Can’t beat that. HAMP, HAFA and the rest of “Making Home Affordable” certainly can’t. Not now, anyway.
