http://www.reuters.com/article/topNews/idUSTRE56D6BF20090714 "NEW YORK (Reuters) - U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources familiar with the administration's thinking said on Tuesday." So basically they want to buy up all these houses and rent them at heavy discounts as that's the only way the current hosts can afford the payments.... One step away from Communism.
another double rent situation. mortgage then rent then property tax. you just pay more and more the worse the recession gets.
No way this will happen. Can you imagine what the overload of evictions will do to the courts that have to handle them? Just another idiotic idea by the dictator-in-chief's administration. But then again, Obama will probably offer to pay everyone's rent for staying in these houses, and just increase the federal tax bracket for those making over 250k to 85%.
Banks might go for it. They can get more for the property since the foreclosed upon will be less likely to destroy the place before vacating. That will now occur safely in hands of the buyer of the property when they try to end the lease of the tenant and they will take the hit. Just think of the damage this might do to rental rates.
Whoops, toilets clogged, call Citi. Citi calls Joe the plumber, umnnhhh Joe the plumber accepts medicare rates for home repairs.
When? When will the absurdity stop? These fools are acting like this is a game, and they're shooting from the hip on almost all of these programs. Rent your house?? WTF??
Obama logic: Rent your house! Then you have to rent something too! Gee, that will DOUBLE the demand for housing!!!!!
http://news.yahoo.com/s/ap/20090715/ap_on_go_pr_wh/us_obama_college you vote for it.... mark my words..if somebody like ByLo suddenly disappear and stop posting here, on ET-RUN as far as you can..because we all will pay for what we are saying here sooner than later.. they did give us some time to fix passports-so you better use it.. and hey..this guy is saying-i will fix everything in my first term...
it's a creative idea but won't work for this reason... the people who are at risk of foreclosure probably have no liquid assets, little or no income, and poor credit. if you were a landlord, would you want to rent to someone like that? most likely you'd require a security deposit and first/last month's rent, which would amount to thousands of dollars. the tenant won't have that kind of money, therefore they wouldn't qualify for the rental anyway.