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Freddie Mac to rent foreclosed properties

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Freddie Mac to rent foreclosed properties

This topic contains 7 replies, has 0 voices, and was last updated by Avatar of mark_azevedo mark_azevedo 12 years, 5 months ago.

Viewing 9 posts - 1 through 9 (of 9 total)
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  • #5423
    Avatar of mark_azevedo
    mark_azevedo
    Participant

    Article just posted today:

    Freddie Mac to rent foreclosed properties
    Freddie Mac plans to allow borrowers to rent back properties after foreclosure
    http://finance.yahoo.com/news/Freddie-Mac-to-rent-apf-14209112.html

    You figure the banks need money coming in. Great article to print out and share as necessary. ;-)

    All the best,

    - Mark.[/url]

    #28331
    Avatar of homesavers
    NULL
    Member

    Why don’t they just offer a loan modification to these people. Instead they let them go all the way to foreclosure then rent them out to the people.

    #28332
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @homesavers wrote:

    Why don’t they just offer a loan modification to these people. Instead they let them go all the way to foreclosure then rent them out to the people.

    Because they have already been foreclosed on and are now REOs. These are properties that the Owners didn’t want, couldn’t sell or just plain walked away from.

    Dave and I, with our favorite Realtor, are working with a group of Credit Unions that has turn over several properties to us via NEOs. They just want payments being made on the properties. If we happen to find outright buyers they will do the financing and allow us to flip them from the Trust, to our end buyer. When we close our first one, we’ll all let you know how it panned out.

    Today the Credit Unions, then the BIG Banks, tomorrow… THE WORLD!!!

    #28333
    Avatar of mark_azevedo
    mark_azevedo
    Participant

    And to Homesavers question, from the article

    Under Freddie Mac’s new policy, tenants and former property owners need to demonstrate that they have enough income to pay the rental bill. Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.

    Lenders are trying to be more creative.

    #28334
    Avatar of neftalipazo
    neftalipazo
    Member

    Hello Mark,

    A NARS fellow member here.

    Hmm…

    Lenders are trying to be more creative.

    MILLIONS…MILLIONS…MILLIONS…of USA$$$ in RE for the taking or for the having.

    Many NARS members are lenders (sort of, or most of us?)!!!

    But, we must keep our focus. Our system is UNIQUE. It is NARS.

    So, what we were talking about?…I forgot…lol…

    #28335
    Avatar of 5inatribe
    5inatribe
    Member

    OK Mr Moyes do you need a Guinea Pig for what you are trying to do through the Credit Unions. I want to get into a REO near Fresno Ca. Can you Help?

    #28336
    Avatar of corkhorner
    corkhorner
    Participant

    I see this movement being the tip of the iceberg.

    when, perhaps, will Bill G and Bob Pless get the EHT under their government noses?
    :idea:

    we’re only one step away from gov’t using the eht model.
    Scott, whatcha gonna do when O calls ya to the Oval and says “dude s’up in SLC’?

    :roll:

    #28337
    Avatar of neftalipazo
    neftalipazo
    Member

    5inatribe,

    Please see my response to your other posting PAC Trust.

    Thank you,

    Neftali Pazo-Soto

    #28338
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @5inatribe wrote:

    OK Mr Moyes do you need a Guinea Pig for what you are trying to do through the Credit Unions. I want to get into a REO near Fresno Ca. Can you Help?

    Nope, no Guinea Pig needed. Hundreds have been done already. The only difference now is that the Bank is the Owner/Seller. At this point all we’re waiting for is signed NEOs.

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