If the owner of the property can’t pay the mortgage, then how can thy pay the monthly lease?
By Daniel at 7 November, 2009, 2:01 am
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As things get more desperate you seem to see more absurd ideas bubbling up to the surface.
“Fannie Mae to Allow Borrowers to Lease Homes”
“Under the program, called Deed for Lease, those owners who qualify would be able to remain in their residences by signing a lease voluntarily transferring the property deed back to the lender. Fannie Mae said the program could help thousands of defaulting homeowners stay in their houses for at least another 12 months.
The mortgages have to have been guaranteed by Fannie Mae, and the borrowers have to be people who could not qualify for President Obama’s loan-modification program and could not renegotiate with their lenders.
Fannie Mae does not make home loans directly to consumers. Rather, it works with mortgage bankers, brokers and other primary-mortgage market partners to help ensure that they have funds to lend to home buyers at affordable rates.
About 4.45 percent of Fannie Mae’s borrowers were seriously delinquent in September. Fannie officials said they did not know how much the new program would cost or how many homeowners would be eligible.”
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