The Home Savers Campaign is a coalition of stakeholders that have come together to fight the resurgence of predatory agreements in the form of rent-to-own, lease to purchase, contract for deed, and similar land purchase instruments that are too often designed to exploit lower-income and working families desperate to obtain affordable housing and eventual home ownership.
In talking to hundreds of victims of such schemes we have found an almost universal feeling of exploitation from the families. People have been misinformed about their contracts, the terms, the duration, the interest rates, and their prospects for eventual ownership. The campaign seeks to work with families so that they understand what they have signed and their rights under the laws where they live.
As critically, and often in violation of local and state laws, families are frequently deceived about the condition of the properties and whether the “as is” nature of their homes transferring the responsibility from the owner to themselves for the certificate of occupancy and habitability of the property. Families have found themselves without plumbing or electricity. Families have found that there is no furnace in the winter. Ceilings, roofs, and stairways have fallen in, sometimes injuring family members. Doors and locks often did not exist. Sewer lines have been clogged or leaking. Family members have been lead poisoned. Homes have been demolished or offered for sale, while they were living in these houses under an agreement. The campaign seeks to work with families and local and state jurisdictions to insure that the properties are safe and habitable before the agreement is signed and the family has moved into the home.
There is a crisis in affordable housing that has deepened in the credit desert created in the wake of the Great Recession of 2008. Hedge funds and private equity companies and other bottom feeders have picked up tens of thousands of foreclosed properties at auction and through sales from FNMA, and are now trying to flip them, often using these predatory instruments. The campaign is determined to bring accountability to these operations and transparency to the transactions from Wall Street to Main Street.
The Home Savers Campaign is a coalition of the willing, and we invite interested organizations and individuals to join us in fighting and reforming these predatory practices that are cynically warping the desperate need of families for housing and their hopes of eventual ownership.
Check out our Legislation and Ordinances page to see the legislation that currently exists and what our model legislation is.