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I recently found a foreclosed on house that was everything I was looking for. It needs 60K worth of repairs to move in but it was at the right price so I was willing to take on the challenge. Turns out, Fannie Mae has a hold harmless agreement on it ($150 day for the last 3.5 years) for $190,000. Obviously the average hard working American (a nurse at that) can't afford to repair ($60,000) a $200,000 home and pay $190,000 in fees. Worse than the thought of not owning the home is the idea that an investor will buy the property and sell it for the land or that Fannie Mae will pay the fines, bulldoze it, and sell it as vacant land. Is there no way around this? I've heard that there isn't, but I refuse to accept that. Let me know your experience/knowledge!
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