I just ran across this article in eppraisal's newsletter.I thought that you would all appreciate it. I gets me thinking that I may never know where we are headed next.It does seem that people have a heart. I have seen a lot of kindness to those that are going through difficulties these days and it warms my heart.
Stay in your home as a renter after foreclosure
Freddie Mac launched an initiative to allow qualified tenants and former owners to rent bank-owned properties after foreclosure. They will continue to suspend evictions until April 1, 2009 to ensure there is ample time for current occupants to learn about the options available to them under the new initiative.
To qualify for a lease, the tenant or former owner must occupy the property and show they have adequate income to pay the monthly rental amount established by the property management company based on market rents for the area in which the home is located. Occupants must agree to allow the home to be shown to potential buyers as it will be marketed for sale during the lease period.
Additionally the home must be in safe, habitable condition and meet all local codes for rental properties to qualify.
I think it agreat way to help someone out and to keep the property in good shape. Which can be rare in foreclosures.
What are your thoughts?
Saturday, March 14, 2009
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Great idea! What took so long for someone to think of the obvious!
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