July 10th 2023.
Erica Hines-Denson and Elquinton Denson thought their dream of owning a home had finally come true. They had signed a lease-purchase agreement with Home Partners of America. Sadly, their dream was short-lived. After two missed payments, the couple received an eviction notice and were forced to move out. To make matters worse, Home Partners of America refused to return their security deposit.
Home Partners of America had promised an alternative to a traditional mortgage. However, the outlet Insider reported that the company has more eviction filings than total properties sold. Hines-Denson had been rejected from a mortgage, and the lease-purchase agreement seemed like the best option. “This was our way to own a home finally,” she told Insider. “It was like we found a loophole.”
The company defended their program, saying it has created a path to homeownership for many. Despite this, aspiring homeowners must take caution and do their research. Black Enterprise offered some tips for homeownership and investing in real estate. Wendy Wiltz, a New Orleans realtor, suggested speaking to someone with experience in the field. She said, “Don’t assume what you don’t know. Get the facts. Most Realtors offer buyer and seller consultations completely free and can help guide you in the right direction.”
The Denson family may have had a setback, but they can still achieve their dream of homeownership. By seeking advice and resources, they can make it a reality.
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