SAN JOSE, Calif., Dec. 14, 2010 /PRNewswire/ -- Home Lease Exchange, LLC, through ForceYourLenderToModify.com, is launching a unique free service today that will aid hundreds of thousands of families, who are in jeopardy of losing their homes, by forcing lenders to decide between becoming landlords or modifying mortgages.
This new website enables homeowners facing foreclosure to enter into long-term leases with other homeowners facing foreclosure living near them. Upon execution, homeowners send a copy of the lease to their lenders to notify them of their obligation to disclose to prospective buyers that a long-term lease encumbers the property. Buyers at trustee sales will not buy homes if they're encumbered with a five year lease. If the home doesn't sell, the banks only choice is to buy the home themselves.
"Banks don't want to be landlords, so their best option is to modify the loan for the current homeowner," said Michael Levin, Managing Director of Home Lease Exchange. "Homeowners can then cancel the lease if a modification occurs."
The plan creates amazing leverage for homeowners with their lenders because under President Obama's Helping Families Save Their Homes Act, tenants have the right to stay in their homes through the term of their lease, as long as the lease is entered into before complete title to the property is transferred.
If a bank selects foreclosure, Home Lease Exchange enables the homeowner to move from their home and lease one in their neighborhood that has also been foreclosed. This service is also available to anyone else who wants to lease homes on favorable terms.
"The lease agreements facilitated through Home Lease Exchange are safe-havens for struggling individuals and families by providing no credit checks or security deposits," added Levin. "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."
For more information about Home Lease Exchange and the free services provided, visit ForceYourLenderToModify.com or toll free (855)-modify3. (663-4393) or Andrea Loveless at AndreaLovelessLaw.com.
SOURCE Home Lease Exchange, LLC