Wells Fargo certifies Short Sale Lease Back Program. and will allow some qualified homeowners to stay in their home after a short sale.
The lender announced this month that it will approve short sale lease-back transactions on certain loans owned by Wells Fargo, as long as the homeowner has a valid hardship and the short sale terms are acceptable to the bank.
“This program is the win-win solution that has been missing for too long,” said Bob Irish, a Riverside real estate broker and architect of the program. “For some, the biggest fear is having to move. What if they didn’t have to move? It would prompt more people to raise their hand and ask for help, before the bank takes their house.”
Though three services have approved individual transactions through the program, Wells Fargo is the first lender to certify the SSLB Program as a viable foreclosure alternative.
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