I'm assuming since you visited this stopping foreclosure website, you are facing foreclosure. If this is the case, I understand how you may be desperate to do anything to stay in the house, avoid foreclosure, etc. but going through this company is not in your best interests. First of all, only your lender can agree to accept a short sale. What if your lender doesn't accept the 60%? I cannot almost guarantee there will be no lease option to buy back and even if there was, the bank will not allow you to live in the house or rent/lease it. Read Jack's answer below.
If you wish to stay in your home, your best bet is to first see if you qualify for a loan modification. If you do not qualify and do not have sufficient income to keep your home, unfortunately the best thing to do is to let it go but now through this third party. Work with an experienced agent in your area and try to do a short sale. You will eventually have to leave the home and a short sale is a better option than having the bank foreclose. You can rent for a few years or live with relatives and maybe be able to purchase another home in a few years. I know its not the option you want to hear but its reality. Try working with your bank first and do not use or listen to any of these third party companies involved with purchasing short sales, buy backs, etc. Many, if not all, are scams.
The New Jersey Courts are now offering foreclosure mediation which may be an option for you or Hope Now may be able to assist.
Good luck and beware of these companies. They prey on foreclosure victims.
Gina Chirico, Sales Associate
973-575-6353 ext 17 office
If you're facing foreclosure, I understand that you will practically do anything you can to stay in your home