Frequently Asked Questions
Each transaction is subject to underwriting and a written agreement. Nothing on this page is legal advice; consult independent counsel of your own choosing, and free HUD-approved foreclosure counseling is available at (800) 569-4287.
- Am I selling my home?
- Yes. If you accept the proposal and close, this is a sale transaction. Title transfers to the company at closing.
- Can I buy it back?
- Yes — that's the central feature of the buy-back option. The price and deadline are stated in writing in the buy-back agreement. Exercising the option is your choice; it is not automatic and is conditioned on being current under the lease.
- What happens if I cannot buy it back?
- If you do not timely exercise the buy-back option, the company keeps the property. You may instead have elected the JV / Sale Option, in which case the property is listed and net sale proceeds are split between you and the company per the written agreement.
- Can I stay in the house?
- Yes, during the lease term. The lease is a separate written agreement that follows Florida's residential landlord-tenant law (Chapter 83). Default may result in eviction through the appropriate Florida court — never by self-help.
- What is the JV sale option?
- It is an option (if included in your agreement) to instead list and sell the property and share in the net sale proceeds. Net Sale Proceeds is defined precisely in the agreement.
- How are proceeds split?
- On the percentages stated in the JV / Sale Option Agreement (commonly 50/50, but negotiable). The splits must equal 100%.
- What expenses come out before proceeds are split?
- Mortgage payoffs, other liens, taxes and insurance, utilities, repairs and maintenance, property preservation, closing costs, broker commissions, title charges, seller concessions, legal fees, carrying costs the company advanced, and any reimbursements owed under the lease or buy-back agreement.
- Do I have a right to cancel?
- When Fla. Stat. § 501.1377 applies, yes — at least 3 Florida business days after signing, no penalty, no obligation. The Notice of Right to Cancel will be delivered to you in duplicate.
- Should I talk to an attorney?
- Yes. You are strongly encouraged to consult independent counsel of your own choosing. The company's counsel does not represent you. A separate Conflict-of-Interest Disclosure makes this clear.
- Is this bankruptcy advice?
- No. This website does not provide bankruptcy advice. Bankruptcy may be the best option for some homeowners. Speak with a qualified bankruptcy attorney before deciding.
- What happens if I default under the lease?
- The company may pursue the remedies set forth in the lease and under Florida Statutes §§ 83.56 and 83.57, including eviction through the appropriate Florida court. No self-help eviction, lockout, or utility shutoff.
- Can I reject the offer?
- Yes. You are not required to accept any proposal. Submitting the qualification form creates no obligation to proceed.