More than 910,000 people filed for bankruptcy in 2014, according to the American Bankruptcy Institute by Epiq Systems, Inc. Many people think that the bankruptcy designation will bar them from ever owning a home again. The “Bankruptcy Division” recently launched by Pre-Property Solutions based in both Newport, RI and Northborough, MA, provides new home ownership hope and opportunity for those who have previously fallen on hard time.
“There are many myths about bankruptcy and we help demystify them and get resilient people back to home ownership and back to growing community roots,” noted Chris Prefontaine, Managing Director of Pre-Property Solutions and a 24 year veteran in the real estate industry. “The Bankruptcy Division formalizes a best practices approach to repairing credit and credibility that we have learned over the past decades. Bankruptcy is not a dead end, it is a major speed bump that, with help, most people can hurdle.”
Prefontaine added, “We have dozens of success stories to prove that home ownership can be achieved even if you’ve experienced bankruptcy at some time.”
Pre-Property Solutions starts by connecting bankrupt buyers to a third party credit repair consultant who works with the buyer to repair their credit situation. Typically, the buyer is able to qualify for a conventional mortgage within 9 months to 5 years.
In addition, Pre-Property Solutions offers an alternative “rent to own” program. The enhanced program helps home seekers with poor credit, no credit and/or a limited amount to invest. The “rent to own” program is straight-forward. The buyer works with Pre-Property Solutions to determine the best down payment up front and over time.
During the credit repair process, depending upon the property, sometimes a portion of the monthly lease payment is credited to the purchase. If not, a Down Payment Assistance Program (DPA) is available to further assist the buyer. The DPAP outlines that the Lessee/Optionee has the right to put down additional funds towards their down payment and receive credit against the purchase price.
The rent to own program hinges on the fact that Pre-Property Solutions is a private real estate investor who buys and sells houses. All properties are either owned by Pre Holdings or the company has a purchase contract and/or option with the owner of the property, which Pre Holdings may assign to third parties or retains. Pre Holdings is not a real estate brokerage and does not provide realtor services to the public, or to any of the parties to which it has contractual relationships.
Pre-Property Solutions in some instances even pays cash for the home and can close in about a week if that best suits all parties. The goal is to create a win-win purchase that is good for everyone.
Pre-Property Solutions are not loan brokers, bankers, real estate agents or selling homes for someone else. The company are the owners or have a legal equitable interest in the property.
Pre-Property Solutions donates $100 of every home sale to the Franciscan Hospital for Children in Boston in the name of Nick Prefontaine, the son of Chris Prefontaine, who continues to benefit from their great work and who works in the business with Chris.
Pre-Property Solutions are members of the Newport County Chamber of Commerce and Better Business Bureau. The company maintains an A+ rating with the Better Business Bureau.
Pre-Property Solutions maintains two offices, one at 580 Thames Street, Newport, RI and another at 360 Church Street, Suite 230, Northborough, MA.
For more information about the Pre-Property Solutions and the “Rent to Own” program, call 855 667 7336 or visit www.prepropertysolutions.com.
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