The great housing bust left lots of families chained to their real estate. They want to move, but they owe more on their mortgage than their house is worth.
Now along come a couple of companies from Michigan with an odd deal. Buy a new house from Lombardo Homes in St. Charles County, and the developer’s partner will rent the customer’s current house for six years.
If housing prices rise again, the owner may be able to escape the old mortgage by selling in a few years.