I just discovered this program today. Looks like you could give the deed, but pay rent while regrouping for a move in a year or so (on your timeline, not the court's).
Anyone looking into this?
Anyone looking into this?
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I have a loan in which Fannie Mae is the investor, no PMI because there was 80% equity at the time I obtained the loan. Served with foreclosure papers 3 weeks ago. Wondering if this deed-for-rent program would make more sense, or if it will take a year or more to foreclose. They haven't suggested it to me. Same boat, wondering if anyone has done this or how long it has taken to foreclose on a Fannie investor-owned loan. My servicer is Bank of America.
In my case, if they foreclose, the 1st (Fannie Mae) would lose very little, 20k at the most in a fire sale. It's my 2nd with Bank of America who would take the hit. I'm probably doomed, because Fannie couldn't give a you-know-what about the 2nd. -
I received a letter from the corporation that is handling the foreclosure and they stated that I can request to stay in the house on a month to month lease until the forclosure. I have to send a request to the FHA.Comment
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If you decide to try this, at what point should you do this...after you've been given notice to vacate the property? Or, is that too late to start teh conversation? We have our 1st with FannieMae but second isn't. I'm confused after reading the information about what to do with that--any thoughts?Comment
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