NSP FAQ
Q

Can former owners of foreclosed properties participate in lease-purchase agreements?

Date Published: October 2012

Print ShareThis

A

Former owners of foreclosed properties can participate in lease-purchase agreements. The grantee can acquire, rehabilitate, and sell the property back to the former owner, assuming the owner is income eligible, completes the required housing counseling, and is successful in securing financing. The property can be sold to the former owner through a lease-purchase agreement or standard sales contract. Note that if the grantee is the current owner, it cannot provide financial assistance (e.g., down payment assistance) to purchase the home from itself.


Tags: NSP Lease-purchase

FAQ ID:

698