Harvard Business Review Features BounceBack Foreclosure Solution

BounceBack Homes Innovates New Way to Avoid Foreclosure and Preserve Equity

BounceBack Homes, founded by Don Gross, is working to solve a common but rarely acknowledged problem in the United States: home foreclosures where owners get behind on their mortgage payments because of divorce, illness, job loss, or other unforeseen issues. With more than 2M people facing foreclosure through no fault of their own, BounceBack Homes is working with each client to design customized solutions that may allow them to stay in their home while preserving much of their equity.

The mission of BounceBack Homes is personal to Don, who understands the frustration and fear that arise from getting behind on mortgage payments after decades of no issues. “In the aftermath of the Great Recession, I hit a bad financial period when I missed a mortgage payment for the first time in my life. I was hopeful that next month I would get back on track, but then I missed that one. Then the next. Pride, I suppose, and certainty that I could never fall into foreclosure kept me from reaching out for help early on,” Don remembers. “When I did, bankruptcy was the only option that attorneys presented to me, as the bank didn’t offer a rational loan modification.”

Unfortunately, Don became one of the thousands of Americans who lose their homes each year, and he suffered the stress of moving out of his house that he had spent years building up equity and memories in.

“The whole experience made me realize that there had to be a better way,” Don says. “Bad things really do happen to good people, but what are their options? Bankruptcy, for example, only ruins your credit in the long run. I decided to take what I had learned and design a way for people who received foreclosure notices to potentially stay in their homes while they work to rebuild their finances.”

The solution that Don and his team created gives clients complete control of their situation from start to finish. To prevent foreclosure while the client restabilizes their finances, the BounceBack Homes team learns about their situation during a free, no-obligation meeting. Once accomplished, the company designs a customized solution and outlines steps the client needs to follow to stay in their home.

“What is important is that the client can choose what their monthly payments will be depending on the goal they want to achieve,” says Don. “Everyone’s financial abilities are different, so it is far better for the client to customize their solution.”

BounceBack Homes then evaluates the client’s home and presents the agreed-upon plan to the person’s attorney. When the agreement is closed, the client may receive up to 10% of their home’s net equity, money that can be used however they wish. Then they begin paying their chosen monthly payments based on their goal of either staying in their home or eventually selling. The process gives clients control over their lives during a time when they may feel they have anything but. An added bonus is their credit scores should start to improve immediately and steadily. To further increase their odds of success, BounceBack has aligned with a top credit-counseling platform for those who want to participate.

“What we have found since starting our program is that more people are able to stay in their houses even though they have received foreclosure notices,” says Don. “BounceBack Homes is giving them security, as they do not have to move out suddenly and find a new home; privacy, as it becomes a matter only between you and your attorney and a recorded document; and dignity, as everyone can hit hard times and deserves a second chance. I know, you can’t put a price on that, and my team and I are thankful that we can give so many qualified people the chance to preserve their home’s net equity, quite possibly their most valuable asset.”

BounceBack Homes (“BBH”) was founded by Donald Gross, a financial executive with over 30 years of experience. He is a graduate of the Wharton School, University of Pennsylvania with a BSE and MBA.


Featured in Harvard Business Review “Disruptors Who Are Changing Their Industries”, published October 14, 2022. Content sponsored by Imperium Group.

(1) Net of your mortgage payoff, other agreed to debts, your cash upfront, BounceBack’s fee and related financing, transaction & closing costs. The amount of your net equity will change depending on the change in the homes value. For example if the home value drops by $10,000 your net equity will decrease by $10,000.

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