Find a Housing Angel to help you stay in your home

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by Natalie Rivers

azfamily.com

Posted on July 19, 2011 at 3:18 PM

Updated Wednesday, Aug 21 at 12:36 PM

PHOENIX - Housing Angels helps people stay in their home when they may no longer be financially able to do so.

With Housing Angels someone who is in a financial hardship signs up for the program, putting the home in a short sale situation. They are then matched up with an investor, referred to as an angel, who will buy their home and then rent the home back to the homeowner.

Eventually the homeowner is able to buy back the home at a reduced cost.

An example of the process given by Housing Angels, is a home owner bought a home for $185,000 paying $1,220 per month for the mortgage.

The investor purchased the home for $68,000 and then rented the home back for $770 per month. This was a significant savings to the homeowner who was experiencing difficult economic times.

Then in two to four years, the homeowner is able to buy back their house and in the above situation did so for $89,760 meaning a total savings for the homeowner at $115,490.

Housing Angels is also looking for those interested in being an investor.

It is a win-win for both the investor and the homeowner. For the investor, the former homeowners who are now renting  really care about the property.

Housing Angels wants to help as many people as they can. It costs the homeowner nothing to get involved in the program.

The bank pays Housing Angels the commission from the transaction because they bring investors to the table.

To get started, Visit their website to fill out a pre-qualification form.

After that homeowners looking to sign up will then meet with a representative at Housing Angels to get started with the process.

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