Over the past year or so, foreclosures have had an unintended effect on renters ... their eviction. Homeowners, looking to get every last dime out of a sour investment, rent their homes ... the owner doesn't pay the mortgage ... never divulges, to the unsuspecting long term renters, the home is in foreclosure proceedings ... then ... renters get served notice they've got 30 days (sometimes less) to vacate. No reprieve! Well, now, it appears, there IS a reprieve on the horizon.
FNMA and FMAC are finalizing a plan to help renters stay in their homes even if the owner enters foreclosure. Under the new plan, renters, who show they can afford the rent, will sign a new lease with FNMA or FMAC while the property is up for sale.
While to us laypeople this policy makes perfect sense ... you have to wonder who, at these quasi-governmental agencies, thought it up, presented it and sold it to their superiors. In the 28 years I was associated / employed with the Federal Govt ... they were NEVER this accommodating! All I can say is - it's about time! I guess some negatives DO produce some positives.
Labels: Business, Condos, Deals, Dining, Finance, Florida, Florida Panhandle, Foreclosure, Investment, Military, Panama City, Real Estate, Short Sale, Vacation
