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If you are at risk of foreclosure, that tap you hear on your door between December 19 and January 3 could be Santa or holiday guests, but it won’t be Fannie Mae or Freddie Mac personnel.  Both agencies are halting foreclosures until the New Year.  The two week break will allow families to celebrate the holidays without fear of eviction.  New York-based Citigroup is even more generous and will halt all foreclosures and evictions for 30 days until mid-January – a gift to over 4,000 borrowers.

If you could get that knock on the door soon, Express Homebuyers offers an alternative.  We will buy your home and guarantee completion of the process within a couple weeks.  We tell you up front what we will pay; if you agree, you are on the way to a quick resolution.  We even offer you a $2,500 upfront advance you can use to begin your fresh start.  Call us at 1-877-804-5252 or check out our Express Homebuyers website for more details.

On front porches and in bars, beauty shops, and office coffee rooms around America, people have come up with an unique solution to part of the housing problem: Let the people whose homes are foreclosed on pay rent to continue to live there.  This approach could keep the homes occupied, which would maintain neighborhood stability and housing resale value.  Banks would receive revenue instead of just another under-funded asset to put in inventory–one that might be severely damaged by the time they got ready to sell it.

Now! Common wisdom in a government program

On November 5, the FHA announced the Deed for Lease (D4L) program, which would allow qualifying owners on the brink of foreclosure to lease the property for a year or more after turning in the deed.  The program might even be available to tenants.  To qualify, the homeowner must be unable to have his loan modified and must be able to pay market value rent of no more than 31% of the household income.  Further, he must keep the property in good condition, have rental insurance if he has pets, and must live in the home as a primary residence.

A benefit for troubled homeowners

For many, it will reduce their payments to 31% of their income.  If they had other mortgages on the property, they would be released from those. The tradeoff is that they are no longer homeowners, but that financial position will disappear with less damage to the person’s credit report and less family and neighborhood disruption.  Although the program may offer only temporary relief–the lease is initially for one year–that time allows the former homeowner to get his finances back in order and perhaps plan for the future without the stress of foreclosure looming. (Read more facts about Deed for Lease here.)

For the lender, D4L eliminates many of the costs of foreclosure, provides rental income, and preserves the property’s condition.  Banks may not want to be landlords any more than they want foreclosed properties, but D4L is a reasonable solution that will pay off for them if housing prices rebound and lenders are able to sell the homes for more than the original price.

Facing possible foreclosure?

Is Deed for Lease a good idea for you?  If you want to stay in your home and can afford the new payment, D4L might be ideal.  However if you are unemployed or are living in a home too expensive for you, you will probably fail the income test.

Express Homebuyers offers another solution that might work even better for you.  We buy houses for cash, clear the liens, and wrap up the transaction within a couple weeks.  We will even provide you with a cash advance to help you get settled in a new place.

Our motto is We Sell Your Home Fast. You can put this motto into action today by contacting Express Homebuyers at 1-877-804-5252.  Want more information on the process before you make the call? Read this list of frequently asked questions to prepare you to make the decision that gives you a fresh start.

You might think that after people have saved to buy a home and sacrificed to stay in it that they would remain protective of it until the end.  Some owners do not want to leave so they stay until they are evicted at additional cost to the bank.  However, as evidenced by the condition of bank owned homes, many former owners are all too willing to lash out at the bank by damaging the home so badly that it costs thousands to restore it to livable condition.  For banks, already on the losing end of many mortgages, the losses do not stop when the court returns the home to them.  In this age of TARP and rampant credit card interest rates, your initial reaction toward bank losses might be, “Oh, boo hoo,” but few would agree that its “right” that the bank assets are destroyed.

To prevent these types of losses, many banks throughout the country have started to offer owners or even tenants “cash for keys,” a cash payment in exchange for vacating the property within a certain number of days and leaving it in good condition.  Typically, the bank will offer $500 or more on the condition that the terms are met.  The idea is that the money will to be used for expenses such as security deposits, movers, rental trucks, utility deposits, and temporary living expenses.  This money, though hardly adequate to resettle a displaced family, at least offers some help and incentive to move out and move on without leaving the house in shambles.

Cash for keys was an unpublicized bank program for many years, available only to those who asked.  Now, banks are more forthright about offering it to people.  Banks have found this is cost-effective, compared to eviction court fees or repair costs.  Though cash for keys is intended to be a win-win proposition, the reaction of recipients is mixed.  Glad to get something, many people feel that the small amount offered is hardly enough to help them transition to a new home, much less dull their pain.  Without threatening, owner or tenants can certainly negotiate for a more helpful amount.

Recently, in the latest revision of the Making Home Affordable program, the Treasury Department offers $1,500 cash to homeowners to move on and $1,000 to loan servicers if they forgive mortgage debt.  This is basically a cash for keys approach to a problem, which should help homeowners and help banks to regain property is salable condition.

There is a simpler way to get help to move on without foreclosure.  Express Homebuyers will buy your home on the spot and offer you a cash advance of $2,500 to aid your moving and resettlement.  Rather than dragging out your situation, we will also get your deal done within two weeks through our simple five-step process.

Get closure, not foreclosure!  Sell your house fast. For Cash. Contact Express Homebuyers today at 1-877-804-5252 to get the ball rolling. We buy houses for cash, we’re Better Business Bureau accredited, and we’ve been doing it right since 2003.