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Lake of the Ozarks foreclosures open to New Strategy to Stop Foreclosure

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By : Dywon Erick Dylon    99 or more times read
More new strategies to help delay or stop foreclosures are being introduced not just in Lake of the Ozarks foreclosures in Missouri, but also in other states. A unique new service has been launched to help numerous families to prevent foreclosure of homes nationwide. The service aims to force banks to decide whether to become landlords of the foreclosed homes or to provide loan modifications. The home exchange service is now offered by Home Lease Exchange LLC.

The service aims to enable homeowners who are facing foreclosure to get into long-term lease agreements with other homeowners in their neighborhood or community who are also facing foreclosure. Homeowners would send a copy of the lease agreements to banks. The intention is to force the lenders to notify prospective buyers about the lease encumbers of the foreclosed homes.

Consequently, buyers are not expected to bid for or buy foreclosed homes that are currently encumbered with five-year lease contracts. Thus, if the foreclosed homes would not be sold, banks would be forced to acquire the properties themselves. And because most banks dislike the idea of becoming landlords, they would be forced to opt to provide loan modification to homeowners. Home Lease Exchange said homeowners would then be able to cancel the lease contract if the lender modifies the loan.

The scheme logically creates an amazing leverage for troubled homeowners. Under the ‘Helping Families Save their Homes Act’ of the Obama administration, tenants should have the right to live in their homes until the term of the lease expires. The lease should have been entered into prior to completion of title transfer.

Thus, bank foreclosed homes in Indianapolis and elsewhere could still be useful to owners. This practice has been tried in Lake of the Ozarks foreclosures. It has been proven to work. The practice is now a strategy adapted to curtail foreclosed homes in other cities and states.

There is a contingency measure if ever the lender would choose foreclosure over loan modification. Through Home Lease Exchange, a homeowner would be able to move to another foreclosed home in the neighborhood that is also part of the program. Thus, the service could be an option to anyone who intends to lease properties under favorable terms.

The family who would move into another foreclosed home would be required to shoulder only the first month rent upon moving. Home Lease Exchange intends to help homeowners make lease terms easier. The company asserts that nowadays, homeowners who are facing foreclosures should strive to help similar homeowners. Home Lease Exchange concluded that this is the best defense of homeowners against a system that is basically stacked against them.
Original post: on, your source of homes in foreclosure.

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