Fannie Mae Lets Renters Stay Despite Foreclosures
I remember when I was talking to couple of my friends back in 2005 about housing market while it was booming. Everyone of us thought buying property and how well market is doing and how we may not be able to buy anything in next 5 years if prices will keep this way. However we were all mistaken and specially most of the entrepreneurs got in to this housing bubble, who invested everything they had. Today a lot them have properties which, are rent out to tenants and who’s houses are going for closure because of the landlord mistake.
“There are renters all around the country who have been holding up their end of the bargain and paying their rent faithfully, but the landlord got into trouble, and so the renter is now unfairly facing eviction,”
Yes a lot of tenets who have probably lost their apartment because their building or house went for closure, mean while they have been paying their rent regularly and it not their fault , that their landlord got in to the housing bubble. However when I read this article, which made me breath little bit easy where Fannie Mae decides to let the tenants to live in their apartment even after for closure until the property is resold to new investors.
“Fannie Mae owned 67,500 properties in foreclosure at the end of September, according to the company’s most recent filings. Most of those were owner-occupied. Under the new policy, former owners will most likely not be eligible to rent homes they lost in foreclosure”.
How far did we go , with the housing dream , where some of the entrepreneurs made $100,000.00 in three months, the whole market was like dream come thru for most of the business owners , everyone became a landlord in few past years. But can we imagen how many landlord just got exploding in the housing market , how many of them could lead tenant to be without their home, where will al this tenants have to go , how could they find their regular house while market is in the edge of explosure.
“While it may be sometimes tougher for us to sell a property when people are in it, we understand that lots of people are in tough situations right now,” said Chuck Greener, a Fannie Mae spokesman. “If a renter wants to stay in their home, we’ll make that happen. And if they want to move out, in many cases we’ll help them pay for the move.”
When I read this article it made me feel little better, however how many more of the tenants who are not living in the properties own by Fannie Mae , who must move out as soon as their house when for closures , who were paying their rent without delays and what is their fault in here?
March 28th, 2009 at 4:49 pm
Hello!
Very Interesting post! Thank you for such interesting resource!
PS: Sorry for my bad english, I’v just started to learn this language
See you!
Your, Raiul Baztepo
April 7th, 2009 at 6:27 pm
Hi !!!!
My name is Piter Kokoniz. oOnly want to tell, that your posts are really interesting
And want to ask you: will you continue to post in this blog in future?
Sorry for my bad english:)
Thank you!
Your Piter Kokoniz, from Latvia
April 27th, 2009 at 11:59 pm
Thanks.
May 3rd, 2009 at 8:52 pm
Looks like I found another great site to add to my feed reader. Mark
May 4th, 2009 at 10:40 pm
I am glad a lot of people like this post, i am sure it touch many of us , since what is happening in economy and housing market shaking everyone , so people are scared about where they will go if their landlord will have problems with his or her mortgages payments.It was a good news and lets hope this will stay as it is till mortgage crisis will clear out little bit , if it will ofcoure!
August 5th, 2009 at 8:37 pm
Whattadya know, another site to add to my reader! Google blog search has you pretty well indexed! Mark
August 16th, 2009 at 8:54 am
There seems to be a glimmer of light at the end of the tunnel. I own a rental property in Florida, and the market over the last 18 months has pretty much collapsed. But… Over the last three months, we have seen a slight increase in revenue. Hopefully, the US property market is following that of the UK where property sales, lettings and prices have all risen in the last quarter.
Hang in there, I think we’re almost at the end.
James.