Fannie Mae Notice On My Door for Options with Realtor

[helpme2010]

Hello everyone, my home is in foreclosure and I just received a Fannie Mae notice on my door with a local realtors contact info. It is saying my mortgage company transferred my home to Fannie Mae and I have some possible options:

1. Rent the property - for month to month or 12 months (with 12 months relocation assistance) - this may be just for a possible current renter in the property, not sure if it applies to me the homeowner.

2. Relocate with assistance

3. Call about cash for keys (written by hand by the realtor).

I have read some of you received notices like this before and wanted any advice you can give me.

My ultimate goal would be to live here until I find a job and then can safely move to another area closer to the job and my family.

[newbie2]

Fannie Mae does now offer a rental option for the current owner. Several people in my area have received this type of option, and as they want to stay for a bit longer until they can relocate it is working out well for them. Give them a call to talk about that option and good luck to you.

[tobee43]

helpme...so glad to see you!! we had two persons in this neighborhood take advantage of such programs.

sound like you have some options now. that's good news and i know usually in calif., they are been generally so quick to get people out.

[AngelinaCatHub]

Considering Fannie and Freddie concept from our Gov is a partial or full reason people were lent money for an escalating mortgage they could not afford, I blame them for most of the housing dominoes that are still crashing down. It is the least they can do. They aren't doing it out of the "kindness of their heart". Mrs. and I noted two new vacancies in our little farm area. There are more signs on lots than lots without them. In our FL County, we have 19% unemployment. Our main cash cow in one large paper and wood factory. GA Pacific. If it were to close, the County would become a ghost town. 'Hub

[helpme2010]

Nice to see all of you again. I did call Fannie Mae and they said they DO NOT RENT, that this program is only available to a current renter of the property, not a home owner. This fricken sucks!!!

I did leave a message with the real estate agent and am asking the same question, do they allow me to rent this property or is it only a cash for keys deal? If it is a cash for keys deal, perhaps they can help me find a rental property that will take a foreclosure person who is unemployed, but on unemployment. I can put a large cash deposit on the property.

This is the part I fear the most, I am interviewing with a couple companies right now, but all you unemployed know exactly what this is like. If I get the job, great, I am out of here quicker than lightning. If I don't get the job, I am trying to stay here as long as possible, including renting this property if they will allow me to through the real estate company.

How come Fannie Mae tells me they don't rent, but others have been able to? Perhaps the real estate agent can arrange a rental deal, rather than Fannie Mae?

[chicagoannie]

Hey helpme - glad to see you are still around! Where is your home at in the foreclosure process - I know you had a sale notice tacked to your door a while back...did the bank go through the court yet or did your BK's stall them?

[tobee43]

i hope they will be able to help you...they should after all what does the bank have more to lose at this point?

[screentest]

Nice to see all of you again. I did call Fannie Mae and they said they DO NOT RENT, that this program is only available to a current renter of the property, not a home owner. This fricken sucks!!!

I did leave a message with the real estate agent and am asking the same question, do they allow me to rent this property or is it only a cash for keys deal? If it is a cash for keys deal, perhaps they can help me find a rental property that will take a foreclosure person who is unemployed, but on unemployment. I can put a large cash deposit on the property.

This is the part I fear the most, I am interviewing with a couple companies right now, but all you unemployed know exactly what this is like. If I get the job, great, I am out of here quicker than lightning. If I don't get the job, I am trying to stay here as long as possible, including renting this property if they will allow me to through the real estate company.

How come Fannie Mae tells me they don't rent, but others have been able to? Perhaps the real estate agent can arrange a rental deal, rather than Fannie Mae?

Hi Helpme,
Long time no chat. I am still in my Indycrap home playing the "delay a foreclosure game" Looks like you are too. I was just wondering about the rent back option as well when I am across this post. I guess that wont be an option when this thing finally runs its course either.... huh.

Keep us posted on what finally happens. Been looking at rentals all day...exhausted. Most are just junk and those that are not are gone in a matter of hours it seems.

St

[car67]

Well if its for renters only
Then rent it to someone who lives with you CASE SOLVED

[helpme2010]

Hey helpme - glad to see you are still around! Where is your home at in the foreclosure process - I know you had a sale notice tacked to your door a while back...did the bank go through the court yet or did your BK's stall them?

I live in California, so there is no court process. Here is the update. Indycrap transferred or sold my mortgage to Fannie Mae a few days ago. Fannie Mae is offering me 3 cash for keys dates via a local realtor they assigned. In 2 weeks if I vacate I can get $4,000, in 4 weeks, $3000 and in 6 weeks, $2000. Fanny Mae says they do not have a rental program and neither does the realtor. They are only offering me the cash for keys deal and that is it.

This is where I am confused. How much time do I get if I don't vacate and do the cash for keys deal? Will there be any time table signs to look for, will they mail me an eviction notice with say a 30 day warning???

[helpme2010]

Hi Helpme,
Long time no chat. I am still in my Indycrap home playing the "delay a foreclosure game" Looks like you are too. I was just wondering about the rent back option as well when I am across this post. I guess that wont be an option when this thing finally runs its course either.... huh.

Keep us posted on what finally happens. Been looking at rentals all day...exhausted. Most are just junk and those that are not are gone in a matter of hours it seems.

St

Hey screentest, glad you are still hanging in there with indycrap. Indycrap transferred my loan to Fannie Mae and Fannie Mae says they will not rent or lease the property to the homeowner. Only cash for keys. The realtor they assigned to my home won't rent either. I explained my situation that I will have a hard time renting a place being unemployed, with a foreclosure on my record and bankruptcy. But the realtor is unhelpful.

I just went through an interview with a new company yesterday, it looks promising (but I have been in this situation before and not gotten the job). I have completed a second round interview with a really crappy company selling a crappy service of no value, but I am so desperate, I will take that job if they offer it to me. It really comes down to the job as to which strategy I will likely take. I'm not sure if I start looking at rentals now and try to move or if I stay in the house after the cash for keys date. I really don't know how long I can stay after that date. e.g. will Fannie Mae let me live in here until they find a buyer or will they begin the eviction process? Anyways, the cash for keys isn't really a big deal because it's very similar to the amount I could pay for rent in Los Angeles anyways.

I just want to know if I have any timeframe to stay in the house after cash for keys.

[helpme2010]

Well if its for renters only
Then rent it to someone who lives with you CASE SOLVED

Car67, this likely wouldn't work as I'm sure they would demand rent receipts, bank records, the works. This is getting a bit scary right now.

[IamOld]

Hey screentest, glad you are still hanging in there with indycrap. Indycrap transferred my loan to Fannie Mae and Fannie Mae says they will not rent or lease the property to the homeowner. Only cash for keys. The realtor they assigned to my home won't rent either. I explained my situation that I will have a hard time renting a place being unemployed, with a foreclosure on my record and bankruptcy. But the realtor is unhelpful.

I just went through an interview with a new company yesterday, it looks promising (but I have been in this situation before and not gotten the job). I have completed a second round interview with a really crappy company selling a crappy service of no value, but I am so desperate, I will take that job if they offer it to me. It really comes down to the job as to which strategy I will likely take. I'm not sure if I start looking at rentals now and try to move or if I stay in the house after the cash for keys date. I really don't know how long I can stay after that date. e.g. will Fannie Mae let me live in here until they find a buyer or will they begin the eviction process? Anyways, the cash for keys isn't really a big deal because it's very similar to the amount I could pay for rent in Los Angeles anyways.

I just want to know if I have any timeframe to stay in the house after cash for keys.

Helme for whatever it's worth, I wish you all the best!!!!! (IS CA that bad for employment?)

[helpme2010]

Yes, California is bad. I have been out of work before, but this is the longest yet. Most of the jobs are being posted by the same companies over and over again. I am competing against hundreds of people for each job. It's just a matter of time, hammering the job market 7 days a week, eventually something will close.

[IamOld]

Yes, California is bad. I have been out of work before, but this is the longest yet. Most of the jobs are being posted by the same companies over and over again. I am competing against hundreds of people for each job. It's just a matter of time, hammering the job market 7 days a week, eventually something will close.

PLEASE forgive me for asking, but...have you (and of course I don't know if you have kids, etc.) thought about relocating? East coast seems to be better...."above" the Carolinas at any rate.

And you're right - just keep hammering!!!!!