Democrats and Republicans unanimously voted to pass the Neighborhood Prevention Act. This program if also passed in the Senate would allow banks to negotiate option purchase agreements that would position former owners to buy back their homes. It would also remove roadblocks that federally regulated banks face now that keep them from entering into long-term lease (up to 5 years) with former owners of foreclosed homes.
One of the many benefits of this program is it would keep the property occupied with a tenant that would have a vested interest in maintaining the property as well aid in the elimination of the blight that has been happening in many neighborhoods with foreclosures.
While this is just a simple brief of the program, it does make you think, why not offer this program before a homeowner gets to that point of foreclosure or short sale. Wouldn't all sides benefit by keeping a homeowner as that, a homeowner?
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