PHOENIX - One Valley family underwater in their home found success in the Housing Angels program, saving themselves money and being able to stay in their home.
With Housing Angels someone who is in a financial hardship signs up for the program, putting their 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 within four years 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. Plus the investor gets a return which in some cases can be over 100%.
Housing Angels wants to help as many people as they can. It costs the homeowner nothing to get involved in the program.
To get started, Visit their website to fill out a pre-qualification form. Most people qualify for the program, but not everyone is eligible.
After that potential clients will then meet with a representative at Housing Angels to get started with the process.
The family that spoke with Your Life A to Z is now paying about bout of the previous monthly mortgage payment, didn't have to uproot their young children and is on track to purchase the home back a reduced cost, making it a great program for all involved.