Rent Back

[tikifamily]

Has anyone tried to "rent back" your foreclosed home? I remember reading an article in Time Magazine about some companies letting people stay in their homes longer with the written promise of leaving the house in good condition. Anyone tried this?

[Moe Bedard]

Hi tikifamily,


Welcome to the forum and thank you for joining...................


This is the only type of program that I have seen regarding that...........but it involves renters who are renting from a landlord who's house goes into foreclosure so that they are not kicked out of the property................this was announced from FannieMae and FreddieMac for the properties that they own................I didn't see anything that involved a homeowner, renting back their foreclosed home from the lender..............they might look at it as though you were not paying the mortgage to begin with.......so why would they risk renting it to you................

here is the link to the info...........

Media: News Releases > Fannie Mae Announces National REO Rental Policy

[tikifamily]

Did a little more research. I've come across some articles regarding a program nicknamed "Cash for Keys," basically paying the homeowner (former homeowner) to leave the home in good condition- "broom clean" as they say. I guess it is cheaper than the possible repairs to damages by homeowners. It's not alot- $500 to $1000 but might help get someone started in the new space. Any feedback on this?

[Moe Bedard]

some lenders will offer this after the foreclosure sale..........if you have not abandoned the property before the sale..............but that is something that you would need to ask the lender if they participate.