Freddie Mac to Offer Leases to Those Facing Foreclosure

By
Real Estate Agent with RealtySouth

Freddie Mac is implementing a new plan this month to offer leases to those households who loose their home to foreclosure.   They fell by doing this they will keep many empty homes off the market which further depress the housing market and pushes home prices further down.  They also feel that keeping foreclosed properties occupied and in better repair will support local property values.

By doing this they hope to promote a faster recovery in the housing market as well as maintain the value of these foreclosures.   Fredding Mac will continue to seek loan modifications in order to help retain ownership.  But those who are eligible renters will receive a month to month lease.

http://www.cnbc.com/id/28933621

Chris Lee .  RealtySouth  . www.chriswlee.com

C) 205-233-5183  e-mail) clee@realtysouth.com

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Rainer
320,761
Chip Jefferson
Gibbs Realty and Auction Company

Roll tide Chris...My family's from around there. This will be interesting to see how this pans out in the long run.

February 01, 2009 05:43 AM
Ambassador
1,066,450
Jim Crawford
Jim Crawford Atlanta Realtor - Atlanta Real Estate
RE/MAX Paramount Properties

Even though the leases will be a month to month and at market rates, in distressed areas this will further distress real estate markets.  This is a prime example of why government should not be interfering in free markets.  How will investors or owner of rentals compete for renters?  Before it is all said and done I can envision a Section - 8 expansion and inclusion into the program.

February 01, 2009 08:56 AM
Rainer
10,101
Chris Lee
RealtySouth

Roll tide Laura,   Remember me if you ever have any referrals.

 

Jim - I agree 100%,   My question is in Tuscaloosa for example, the market rate of rent is more than the mortgage payment,   now if they can't afford the mortgage how are they going to afford the rent? 

February 01, 2009 11:42 AM
Rainmaker
1,842,149
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

This is interesting information. I hope it will work out and 2009 will be a better year for real estate.

February 05, 2009 04:27 AM
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Rainer
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Chris Lee

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