Quote:
Originally Posted by pwrought  |
Yeah, I already pointed that new program out to one condo owner where the HOA fees were more than the total of the PITI by a good deal. No mod was going to really fix the problem which was HOA fees of over $1200/mo.
The person indicated there was no way to get a short sale due to all the other properties that were already in foreclosure. Looks like this program could be the solution to some of the situations where people want to do a short sale but can not get the lender to cooperate OR can not get any offer.
As long as they will negotiate a realistic rental rate for the 1 year lease term, this will be a realistic option. Then the owners with HOA fees are no longer on the hook for those fees. For many condo owners, this may be what will want to jump at. As taxpayers, we will have Fannie paying those fees instead.
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