- National Association of Realtors
- United States of America
Some banks prohibit an underwater homeowner from short-selling his or her home to an investor/buyer and then leasing it back.
In a short sale, underwater homeowners should not be prohibited from selling to an unrelated investor/buyer and entering into an arm's length leaseback for a period of time.
Further, it should be the right of the investor/buyer, who has purchased the home as an investment, to resell the home to anyone, including its former owners.
We are asking Congress to take steps to compel banks to allow underwater homeowners to have the opportunity to lease their homes back from investor/buyers, and to allow them the opportunity to re-purchase their homes from the investor/buyer.
We, the undersigned, call on the Congress of the United States of America to stop any bank from prohibiting the (short) seller of a home from entering into a bona fide leaseback of that home.
We further call on the Congress of the United States of America to prevent any bank from prohibiting the investor/buyer of a (short) sold home from granting a re-purchase option to the former owner.
The Banks Must Allow Homeowners to Lease Back their Homes petition to National Association of Realtors was written by Al Hackman and is in the category Government at GoPetition.