Home Lease Exchange Succeeding as Offensive Strategy to Stop Foreclosures
SAN JOSE, Calif., Feb. 2, 2011 /PRNewswire/ -- Home Lease Exchange, LLC, through ForceYourLenderToModify.com, is reporting 90 percent of the homeowners in foreclosure, who registered at its website, have been successful in persuading lenders to cancel their trustee sale.
Phoenix resident Tim Gillette, whose home was scheduled to be sold at a trustee sale on Jan. 3, learned his foreclosure was postponed after his bank received notice of his Home Lease Exchange. "Previously, my lender had twice rejected by modification application," said Gillette. "I'm not exactly sure if my lender cancelled the trustee sale because of my new Home Lease Exchange, but it was cancelled, and now they are reconsidering my modification application."
"Banks will not acknowledge the reason they are cancelling trustee sales for our registrants," said Michael Levin, managing member of Home Lease Exchange. "Apparently banks believe they will be consumed with thousands of Home Lease Exchange accompanied applications if they acknowledge it creates leverage for homeowners seeking loan modification."
ForceYourLenderToModify.com enables homeowners facing foreclosure to create leverage for modification by entering into long-term leases for their homes. The lease term starts only if the lender forecloses. The homeowners do not move from their homes unless it is sold at trustee sale.
When lenders receive notice the homeowner has entered into a long-term lease for their home, it is their legal obligation to disclose to buyers at trustee sales that a lease encumbers the property. Trustee sale buyers generally won't buy homes with long-term leases. President Obama's Helping Families Save Their Homes Act requires leases to be honored as long as the lease is executed before title to the property is transferred. Banks do not want to be landlords, so their best option is to modify loans for homeowners.
ForceYourLenderToModify.com is free to homeowners facing foreclosure if they want to represent themselves and $99 if they want attorney representation.
"The lease agreements facilitated through Home Lease Exchange are safe havens for struggling homeowners because it is their only defense against a system stacked against them," added Levin.
For more information about Home Lease Exchange, visit ForceYourLenderToModify.com or call toll free (855)-modify3 (663-4393).
SOURCE Home Lease Exchange, LLC
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