Lifeline Holdings and Dwellworks agreed to provide real estate property management services for Lifeline’s portfolio of single-family investment homes.
The homes are assembled through Lifeline’s innovative bulk, short-sale program with selected financial institutions. Property management services will be provided through Lifepoint Property Management Services, which is a company managing single-family home portfolios for Lifeline and its investors.
"The Dwellworks team brings to our investors a proven capability and track record of successfully managing single-family homes across the country to meet the long-term needs of the most demanding of clients – the individual homeowners themselves. They will be instrumental in helping us accomplish a primary goal of providing a financial lifeline to qualified families seeking to avoid foreclosure during the current economic crisis," said CEO Tom Neary of Lifeline.
Under the Lifeline Program, mortgage lenders handle "underwater" mortgages in a shorter period of time than generally possible through the foreclosure process. Distressed homeowners are given the opportunity to avoid foreclosures and retain occupancy of their homes. Investors are also able to attract acquisition prices in an asset class – single-family homes.
Dwellworks manages more than 1,200 vacant and occupied single-family homes and a provider of relocation and real estate industry solutions.
"We are excited by the opportunity to utilize our experience and unique business model to manage properties through Lifepoint," said CEO and president Bob Rosing of Dwellworks.
He added, "The Lifeline model is innovative and brings practical, community- focused solutions to the homeownership crisis. We are proud to partner with the Lifeline team and look forward to many years of success together."