LAS VEGAS - If you're in the hole on your home, and you can't dig your way out, help could be on the way. New companies are moving to Las Vegas to help you short sell your home while keeping you in it.
A struggling homeowner sells the home to the bank, the debt is forgiven, and investors rent the home back to the homeowner. These companies aren't obligated, however, to protect the homeowner's interests.
One such company, Arizona-based Housing Angels, recently moved to Las Vegas and already has one client. In Arizona, Housing Angels oversaw more than 1,000 short sales.
The company promises to keep you in your home no matter how underwater you are - by renting it back to you for at least four years. The homeowner, as a result, avoids foreclosure.
The company says the biggest advantage is the lack of a fee, however, banks don't usually charge fees for short sales. Housing Angels also will not disclose how much it charges for rent and says after the four years is up, the rent could increase.
Company representatives admit not everyone is a good fit for their service.
"If it's not a right fit, we're certainly going to tell them," said David Dziedzic with Housing Angels. "We'll have people come to us that really aren't that far underwater. To me, their payment doesn't look too bad. This does happen. I'll be like, ‘Hey, you know you should probably work on something different.'"
In some instances, working with companies like Housing Angels can be advantageous. If you're so in debt on your home, your only option is foreclosure, you should give them a call. They have short sale negotiators work with the bank, so you won't have to. If all goes well, you could rent from them and ultimately buy your home back within four years.
Like most programs, nothing is set in stone. Remember, if you're about to lose your home, you're the vulnerable one. No company is in it for you.
Monday, September 1 2014 6:06 PM EDT2014-09-01 22:06:07 GMT
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