Fannie Mae Lets Renters Stay Despite Foreclosures

I remember when I was talking to couple of my friends back in 2005 about housing market while it was booming. Everyone of us thought buying property and how well market is doing and how we may not be able to buy anything in next 5 years if prices will keep this way. However we were all mistaken and specially most of the entrepreneurs got in to this housing bubble, who invested everything they had. Today a lot them have properties which, are rent out to tenants and who’s houses are going for closure because of the landlord mistake.

 “There are renters all around the country who have been holding up their end of the bargain and paying their rent faithfully, but the landlord got into trouble, and so the renter is now unfairly facing eviction,”

Yes a lot of tenets who have probably lost their apartment because their building or house went for closure, mean while they have been paying their rent regularly and it not their fault , that their landlord got in to the housing bubble. However when I read this article, which made me breath little bit easy where Fannie Mae decides to let the tenants to live in their apartment even after for closure until the property is resold to new investors.

 

            “Fannie Mae owned 67,500 properties in foreclosure at the end of September, according to the company’s most recent filings. Most of those were owner-occupied. Under the new policy, former owners will most likely not be eligible to rent homes they lost in foreclosure”.

How far did we go , with the housing dream , where some of the entrepreneurs made $100,000.00 in three months, the whole market was like dream come thru for most of the business owners , everyone became a landlord in few past years. But can we imagen how many landlord just got exploding in the housing market , how many of them could lead tenant to be without their home, where will al this tenants have to go , how could they find their regular house while market is in the edge of explosure.

“While it may be sometimes tougher for us to sell a property when people are in it, we understand that lots of people are in tough situations right now,” said Chuck Greener, a Fannie Mae spokesman. “If a renter wants to stay in their home, we’ll make that happen. And if they want to move out, in many cases we’ll help them pay for the move.”

When I read this article it made me feel little better, however how many more of the tenants who are not living in the properties own by Fannie Mae , who must move out as soon as their house when for closures , who were paying their rent without delays and what is their fault in here?