How does it work?

Lease: We pay off your foreclosing mortgage with the bank. You start by leasing the property from us, just like any other rental agreement. You pay rent each month and live in the property as if it were your own.

Option to Buy: Alongside the lease, we give you the exclusive option to purchase the property within a specified timeframe, usually up to four years. This option gives you the right, but not the obligation, to buy the property at a predetermined price.

Flexibility: During the lease period, you have the opportunity to save up for a down payment, improve your credit score, or simply decide if the property suits your needs. If it doesn’t, you also have the option to list your home for sale on the open market and start anew with the equity in your home!

What are the benefits?

Avoid Foreclosure: We pay off your mortgage before the auction date, including any accrued interest and fees. You won’t have to deal with a further hit to your credit from a foreclosure, that would otherwise be on your report for seven years and greatly impact your ability to obtain a mortgage or other credit.

No Moving: There’s no place like home. Facing financial struggles and also facing leaving your home is a difficult combination. With the lease option agreement, you get to choose to stay in your home.

Time to Improve Credit: Missing mortgage payments for a period of time negatively impacts your credit. You can use your lease period to build your credit score and make it easier to obtain a mortgage when you want to exercise your option to buy!

Rent, Buy or Sell: Your monthly rent amount will be based off the mortgage pay-off, not market value! Enjoy a lower rent price and save your money. Buy back the home from us at any point during your option period, without obligation to do so. Or we can list your home for sale on the open market during the same period to get the best price for your home and walk away with the difference!

Keep your Equity: Your buyback price is also based off the mortgage pay-off. You can buy your home back below market value! The earlier you do so during your option period, the more equity you can retain in your home.