Just received the following press release forwarded from my contact at Fidelity National Home Warranty…
USA TODAY
For Immediate Release
Friday, January 30, 2009 – Today, Freddie Mac plans to announce a first-of-a-kind plan that lets homeowners and tenants temporarily stay in homes in foreclosure by renting them back, an effort to stop many of the sudden evictions that have come along with the housing crisis.
The program will let thousands of qualified former homeowners, as well as families renting from landlords, enter into a monthly lease on their homes after they have been acquired by Freddie Mac through foreclosure.
DETAILS OF THE PROGRAM:
- Leases will be on a month-to-month basis
- Tenants and homeowners will only have to pay marketvalue or existing lease rents, not the mortgage payments. Freddie Mac will hire a property management company to determine that amount.
- Tenants and homeowners must be able to show proof that they have enough income to pay the monthly rental amount.
- Freddie Mac will explore loan-modification options that might be available for some borrowers.
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[Update] Here is a link to the full USA TODAY story.
Now may be a good time to pick up my Property Manager certificate.
Well, this is good to know since we are moving into a nice house over near Damonte Ranch high school as I write.
And, I don’t have time at the moment to search for the bill but this was in the State Dem Legislators plans for the session starting on Monday:
• Protect renters from surprise evictions when the homes they are renting are foreclosed.
I have no clue what they plan to do about enforcing that yet.
http://www.rgj.com/assets/pdf/J7127371129.PDF
Does anyone else know?
Some of these new programs are going to be real interesting to watch. Reno and Sparks are applying for that program that allows them to buy foreclosures that have had no offers for six months.
For $1, and turn them into low cost housing.
Gonna be real funny when MP finds out that her new neighbor in Arrowcreek is a section 8 renter!