Consider Long-Term Leases as a Solution
The Neighborhood Preservation Act of 2011, co-sponsored by Representative Gary Miller (AL), Representative Barney Frank (MA), and Representative Carolyn McCarthy (NY), allows depository institutions to lease foreclosed properties. The act would allow institutions and GSEs to enter into long-term leases for up to five years with the occupant. The goal is to decrease the number of homes entering the housing inventory and stabilize the market through reduced losses.
When homes remain occupied, it’s a benefit to the entire community. Specific details are provided here on leasing strategies.
SOURCE: Safeguard Properties