Santa Clarita, CA -- (SBWIRE) -- 09/14/2012 -- The Power Woman Business Center of Santa Clarita recently announced an innovative new plan to help people stay in their homes. Under the plan homeowners may qualify for a second chance to buy back their homes at real market value.
With the US housing market still struggling in many areas, organizations across the country are developing innovative plans to help people stay in their homes. The Power Woman Business Center, a nonprofit 501C3 organization has developed such a plan in hopes of giving people peace of mind and doing its part to spur the US economy. Under the plan, the Power Woman Business Center will implement a short sale buyback program for eligible homeowners. In a conventional short sale, the homeowner must vacate the home, while the lender reduces the principal balance owed by the homeowner in order for a third party transaction to go through. In no case can the homeowner participate in any arrangement to purchase the property back.
The Power Woman Business Center has found a legal exception to this rule. Under the Home Affordable Foreclosure Alternatives (HAFA) Program a homeowner can repurchase their property if a non-profit organization is the short sale buyer. That's where Power Woman Business Center comes in. Their plan follows a simple process:
The homeowner(s) enter into a listing agreement as "seller" with a California licensed real estate company.
Power Woman Business Center becomes the "buyer" of this sales transaction.
The California licensed real estate company representing Power Woman Business Center will process the short sale, obtaining the best short sale price possible.
Upon approval of the lender of the "purchase price" and approval of the seller and buyer regarding the purchase price, the buyer and seller will deposit funds to escrow. The buyer will then execute a purchase option in favor of the seller. The seller will sign a rental agreement in favor of the buyer.
Power Woman Business Center will hold the property for up to three years, giving the previous homeowners time to purchase the property back.
The previous homeowners can buy back the house at any point in those three years.
Those taking advantage of this new program will not only be helping themselves get back on track financially but they can move forward with the knowledge that they are helping get the US economy moving again.
About Power Woman Business Center
Power Woman Business Center was founded to help small business owners who were being battered by the recession by giving them a center that would act as an incubator for business growth. The Center’s mission, along with helping entrepreneurs, has always been to help the community prosper and thus the Center often develops programs that go beyond help for the business owner and that reach out to the broader community that supports local businesses. Only a strong community can produce a thriving business environment.