While there is a lot of discussion about the solutions to bank foreclosures and possible bank bailouts, there isn’t enough talk (or action) directed to solving the problems of millions of Americans that are losing their homes.

Quite frankly, they are suffering a similar misfortune as those caught up in the Enron disaster.

Let’s not repeat history.

These unfortunate homeowners don’t have many options to choose from. Virtuosity Unlimited, LLC, however, is introducing a new solution for those that have philanthropic aspirations; the program is a 501(c)3 non profit foundation called Step Up America®.

Here are two programs introduced by Step Up America©.

Family First Housing -

For those property owners that don’t want to be forced out of their home, Step Up America® will connect the home owners with private investors that will purchase the home, typically at a negotiated short sale price.

Currently there is an epidemic of private investors that negotiate the short sale but require the home owner to vacate the property so the investor can make a quick profit by reselling the home to a third party.

Instead of leaving the homeowner scrambling for a place to house their family, they remain in the house and pays a rent they can afford. The investor enters into a REM® (Recoup Equity Mortgage) with the property owner and, in a predetermined period of time (typically 3-5 years), the property is refinanced or sold. The property owner has the option to purchase the home back at that time from the investor.

Here is the good news.

At that time, any equity earned in the refinance or purchase of the property is shared with up to 50% going to the homeowner. Assuming the real estate market has rebounded and the property has gained $50,000 in equity, the property owner may have up to $25,000 to invest in buying their home back.

Humanitarian Housing Alternatives -

In areas where there is a surplus of multifamily housing units, Step Up America® will explore alternative uses for the multifamily units (ie. student housing, independent living facilities, transition housing).

Private investors will:

1. Purchase the property and donate it to a non-profit organization that will manage the property for their intended use; or...
2. Provide affordable housing at below market rental rates with tax benefits or subsidies from the federal government.

This is a tremendous opportunity for the business community to Step Up and help the millions of Americans that are on the brink of losing their personal residences or provide financial assistance to needy organizations.

This is surely a win-win opportunity and, at this time of economic uncertainty, what better for those that can afford it to redirect their dollars into a truly humanitarian effort, Step Up America®.

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Are you interested in learning how you can become involved in Step Up America®?

Please contact us today at 866-4EXITPRO or fill in the contact form and let us know you are ready to step up!

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