South Jersey Bank, Non Profit to Establish Sale Leaseback Program To Rescue Homeowners In Foreclosure

In Cumberland County, New Jersey, The Press of Atlantic City reports:

• A private bank and a local nonprofit group in Cumberland County are stepping in with a unique strategy to help people avoid losing their homes. The program, launched by Tri-County Community Action Partnership with $1 million in backing from Colonial Bank, would in some cases temporarily buy homes that are being foreclosed and sell them back to the original owners within a year when those owners are in better financial shape. The key is the potential sale and repurchase would come only after homeowners go through financial planning, debt restructuring and counseling through Tri-County, which has plenty of state-accredited expertise to offer.

For more, see Fighting foreclosures / Innovative program.