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Why have a liability when you can just rent out the same house. Stop making payments for about a year, get foreclosed, rent the house courtesy of Fannie Mae, save up some cash for an FHA loan requiring only 3% down, and go to town on a new house at a great price!
What FHA is doing is essentially buying homes up on the cheap, using individuals stupidity to "get out of debt", and then when the homes recover FHA profit in a HUGE way..
Its exactly how GS is making a fortune, borrow money on on the taxpayers back and then reinvest in assets that are below value.
The man in the video is wrong.. Its a FANTASTIC program... for FHA who will then rerent the properties out until the market turns around and then sell them at huge surcharge, while those who "gave up" their homes will again have to rebuy at the top of the market..
Sounds fair to me. We have already paid off the mortgage companies TWICE for the house, why not work to keep the homeowner in the house?
BUT if they allow the house to be forclosed no one will lend them any money
Sounds fair to me. We have already paid off the mortgage companies TWICE for the house, why not work to keep the homeowner in the house?
BUT if they allow the house to be forclosed no one will lend them any money
If you pay TWICE for the home, you bought a house higher than you can afford and had to spread it out over to long of a period of time.. That sounds like YOUR mistake..
Sounds fair to me. We have already paid off the mortgage companies TWICE for the house, why not work to keep the homeowner in the house?
BUT if they allow the house to be forclosed no one will lend them any money
FHA doesn't care too much about credit history, just a stable income. You can get another loan (FHA) in as little as 1-2 years after being foreclosed on.
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