Home Leasing Service Offers Distressed Homeowners New Way To Fight Foreclosure

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Tuesday, 14 December 2010 19:49
By: Faridah Huller, Editor
Miami, FL

Miami, FL—An ingenious plan was hatched and spearheaded today by a company called Home Lease Exchange LLC (HLE) to offer distressed homeowners a novel way to fight off foreclosures and to force lenders to modify their mortgages.

Through the website ForceYourLenderToModify.com, HLE urges families who are facing foreclosures to sign up for this unique new service whereby distressed homeowners can set up and exchange long-term leases of their homes.

Armed with their fully-executed leases, distressed homeowners can then send copies of the leases to their mortgage servicers. Mortgage services and lenders are by law obligated to disclose to prospective buyers that the property they are trying to sell has an encumbrance attached to it in the form of the long-term lease.

Homes that have been put under trustee sales that carry an encumbrance of a five-year lease will not be snapped up by buyers, the company’s press release further explained.

“Banks don’t want to be landlords, so their best option is to modify the loan for the current homeowner. Homeowners can then cancel the lease if a modification occurs’ HLE managing director Michael Levin said in the press release.

The plan gives trouble homeowners “amazing leverage” with their lenders because according to the “Helping Families Save Their Homes Act” of the Obama Administration, tenants have the right to stay in their homes through the term of their lease, on the condition that the lease is entered before the title of the property has been completely transferred.

HLE provides a safe-haven for struggling individuals and families by over-riding credit checks or security deposits on the leases it executes, Levin further clarified. "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," Levin added.

If a lender opts to foreclose on a home, HLE can also help the homeowner move from their home and lease another home that has been foreclosed in their neighborhood. The service is not limited to people fighting off foreclosures but to anyone looking to lease homes on very favorable terms.