LAS VEGAS - (March 29, 2013) - Starting this month, Housing Angels is helping Las Vegas residents avoid foreclosure and stay in their homes, thanks to an innovative real estate solution that connects angel investors with struggling homeowners.
Housing Angels works by short selling an underwater home. An investor from the United States or Canada then purchases the home, and where the bank permits it, rents it to the original owner, without disrupting a family's life or causing an unnecessary move. In time, the previous homeowner can purchase the home back.
Since Housing Angels opened its first office in Phoenix in 2010, the company has overseen more than 1,000 short sales, with 19 homeowners purchasing back their homes. Housing Angels opened its Las Vegas office in March.
Housing Angels Founder Dave Dziedzic says that timing is imperative, because Congress recently extended the Mortgage Forgiveness Debt Relief Act. Homeowners will not have to pay income tax on mortgage debt forgiven (such as in a short sale or foreclosure) on up to $2 million. The act was extended through December 31, 2013.
"I expect to see a lot of Las Vegas residents selling their homes this year, because of the extension," said Dziedzic.
Dziedzic opened Housing Angels because he knows, firsthand, the heartbreaking and frustrating experience of losing a home to foreclosure, having lost his own home in the housing crisis. "Loan modifications are nearly impossible to come by, and many struggling families think that foreclosure is the only option. That's just not true," said Dziedzic.
"With Housing Angels, angel investors from the U.S. and Canada purchase a home in a short sale and the former owner begins making payments to that investor immediately. They don't have to worry about finding temporary housing, changing schools or suffering any other unnecessary stresses. All of this, and there is no cost to the homeowner."
Housing Angels offers a winning solution to both parties. The investors connect with a dedicated tenant who will care for the home and reliably pay their rent. Plus, the investment includes a built-in profit center. Tenants benefit from reduced payments, the ability to stay in their home and the opportunity to buy it back at an adjusted market price.
For example, a family in Arizona bought a home for $185,000 and paid $1,220 each month for the mortgage. A Housing Angels investor bought the home in a short sale for $68,000, and the former homeowner was then able to rent it for $770 per month. After two to four years, he or she will be able to buy the home back for $89,760, saving $115,490.
Dziedzic, who owns RealCore Realty and Gold Door Realty, said that after working in one of the hardest-hit areas in the country's housing crisis, he saw that, time and again, struggling homeowners were all missing one thing: hope. With Housing Angels, he said he's seen a glimmer of hope return to their faces throughout the Phoenix area. Now, he said he looks forward to seeing the same thing in Las Vegas.
The Las Vegas office of Housing Angels is located at 8840 S. Maryland Parkway, Suite 105A, Las Vegas, NV 89123.
To learn more about Housing Angels, visit http://www.housingangels.com or call Housing Angels at (702) 570-1211.
About Housing Angels
Housing Angels got its start in 2010 in Phoenix, Arizona. The company works by pairing up "angel" investors with struggling homeowners. The investors purchase an underwater home in a short sale, allowing the original homeowners to remain in the house as tenants with the option to purchase the home back in two to four years. As renters, they benefit from reduced monthly payments and the stability of staying in their home. As owners, the investors benefit from stable, dedicated tenants and a built-in profit. In just two years, Housing Angels has conducted more than 1,000 short sales and helped 19 homeowners purchase their homes, at no charge to the homeowner. Housing Angels recently opened an office in Las Vegas.