Comments on: Fannie Mae announces a sale lease-back program for a deed-in-lieu http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/ Wed, 08 Feb 2012 04:44:54 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dan B. http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-50468 Dan B. Mon, 30 Nov 2009 17:00:07 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-50468 Are you nuts! First of all – what about those potential buyers that in 2005-08 realized that the market prices were acting irrationally and decided to stay out of the market – until it corrected itself? Now you are suggesting that they be penalized by rewarded the people that purchased a home at a price significantly above norms and well outside their reach. Loan modifications are bad enough…..what is needed is a more robust foreclosure process, getting these home back on the market for average buyers. The situation that you have today is a high inventory of Short and REO’s with financial sellers only willing to sell to all cash or financial buyers. Stop trying to create an artificial bottom to the price and let the market discipline and punish those that acted stupidly. Cheers, Dan B. Are you nuts!

First of all – what about those potential buyers that in 2005-08 realized that the market prices were acting irrationally and decided to stay out of the market – until it corrected itself? Now you are suggesting that they be penalized by rewarded the people that purchased a home at a price significantly above norms and well outside their reach.

Loan modifications are bad enough…..what is needed is a more robust foreclosure process, getting these home back on the market for average buyers.

The situation that you have today is a high inventory of Short and REO’s with financial sellers only willing to sell to all cash or financial buyers.

Stop trying to create an artificial bottom to the price and let the market discipline and punish those that acted stupidly.

Cheers,
Dan B.

]]> By: Ana Alva http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-50126 Ana Alva Sat, 28 Nov 2009 06:30:37 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-50126 What is this? Definetely more mumble jumble from the gov, the lenders, the banks, from EVERYONE. The comment above is right: the banks/lenders took the tarp money and run. Lenders are NOT willing to negotiate. They give people the run around, then more running around, and then some more running around. In short, they do not care!!! I saw my sister go thru the process for months. It still makes no sense to me. Paperwork was lost several times. She had to re-do those lengthy applications at least twice. Yes, she was in trouble. But come on, the least they could do is to be professional: don't lose paperwork, return calls, show up for appointments, etc., etc. She is one of the "lucky" ones in that she was able to short sale the house. But the whole thing just smelled fishy and sucked for her and her family. Her house was appraised at $450,000 three years ago or so. It was sold for $225,000. The first lender approved the same and got the second lender on board too. The second lender accepted $3,000 (supposedly as a total payment) instead of negotiating with her and her husband. As long as they don't go after her for the difference (line the banks/finance companies do when they repo cars), she'll be "ok". Her income taxes next year might be a nightmare. Yes, who do you call for repairs when you are renting your own home? I guess those who do get sucked into doing this better read the fine print. It might just be that there will be NO landlord for repairs, etc. Yet the banks will expect the properties to be in top shape at the end of the lease. Sorry, no dice for me. My dad sold a house we owned our years ago and the new owner wanted me to remain in the property if I paid six months worth of rent in advance. No way, I rather go help someone else pay their mortgage. I was not about to pay rent for a house I used to own. That's just me though. What is this? Definetely more mumble jumble from the gov, the lenders, the banks, from EVERYONE. The comment above is right: the banks/lenders took the tarp money and run. Lenders are NOT willing to negotiate. They give people the run around, then more running around, and then some more running around. In short, they do not care!!! I saw my sister go thru the process for months. It still makes no sense to me. Paperwork was lost several times. She had to re-do those lengthy applications at least twice. Yes, she was in trouble. But come on, the least they could do is to be professional: don’t lose paperwork, return calls, show up for appointments, etc., etc. She is one of the “lucky” ones in that she was able to short sale the house. But the whole thing just smelled fishy and sucked for her and her family. Her house was appraised at $450,000 three years ago or so. It was sold for $225,000. The first lender approved the same and got the second lender on board too. The second lender accepted $3,000 (supposedly as a total payment) instead of negotiating with her and her husband. As long as they don’t go after her for the difference (line the banks/finance companies do when they repo cars), she’ll be “ok”. Her income taxes next year might be a nightmare.

Yes, who do you call for repairs when you are renting your own home? I guess those who do get sucked into doing this better read the fine print. It might just be that there will be NO landlord for repairs, etc. Yet the banks will expect the properties to be in top shape at the end of the lease. Sorry, no dice for me. My dad sold a house we owned our years ago and the new owner wanted me to remain in the property if I paid six months worth of rent in advance. No way, I rather go help someone else pay their mortgage. I was not about to pay rent for a house I used to own. That’s just me though.

]]> By: glenn egelko http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-50050 glenn egelko Fri, 27 Nov 2009 18:52:34 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-50050 I think that it is a very good idea. It allows potential foreclosures to become immediate rentals which stabilizes both the rental and the sales market. It will produce a number of investors ready to buy with built-in tenants and create the possibility of those investors giving options for the previous owners to buy back the homes. Glenn Egelko Ventura, CA I think that it is a very good idea. It allows potential foreclosures to become immediate rentals which stabilizes both the rental and the sales market. It will produce a number of investors ready to buy with built-in tenants and create the possibility of those investors giving options for the previous owners to buy back the homes.

Glenn Egelko
Ventura, CA

]]> By: Brett Robbins http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-50044 Brett Robbins Fri, 27 Nov 2009 17:30:30 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-50044 Should be interesting when the new tenant wants to call the landlord for repairs. Creative program, however the implementation seems like it could be a nightmare. Did SB94 effect you? Read this: http://www.prweb.com/releases/2009/10/prweb3108924.htm . Loan modification made easy. LoanModDIY.org Should be interesting when the new tenant wants to call the landlord for repairs. Creative program, however the implementation seems like it could be a nightmare.

Did SB94 effect you? Read this: http://www.prweb.com/releases/2009/10/prweb3108924.htm .

Loan modification made easy.
LoanModDIY.org

]]> By: Terry Irmer http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-50005 Terry Irmer Fri, 27 Nov 2009 10:03:41 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-50005 Same.O. S. from the Lenders. They took the tarp money an ran.The other problems are there is no financial incentive for the R.E. agents to do all the work involved in helping put together a modification. I sent 68 pages in on my last mod. I cant afford to work pro bono for long and the home owners are living check to check...The stupid banks are loosing lots of money for their investors by not doing modifications at market value to those who can pay the new note. They rather short sale or foreclose and loose much more to save face with their investors by not giving home principle away.Then they can say we had no choice but to loose x $ by dumping on the market. Typical gov and big bank crap of step over a dollar to pick up a dime. Same.O. S. from the Lenders. They took the tarp money an ran.The other problems are there is no financial incentive for the R.E. agents to do all the work involved in helping put together a modification. I sent 68 pages in on my last mod. I cant afford to work pro bono for long and the home owners are living check to check…The stupid banks are loosing lots of money for their investors by not doing modifications at market value to those who can pay the new note. They rather short sale or foreclose and loose much more to save face with their investors by not giving home principle away.Then they can say we had no choice but to loose x $ by dumping on the market. Typical gov and big bank crap of step over a dollar to pick up a dime.

]]> By: DA Levy http://firsttuesdayjournal.com/fannie-mae-announces-a-sale-lease-back-program-for-a-deed-in-lieu/comment-page-1/#comment-49951 DA Levy Thu, 26 Nov 2009 22:51:18 +0000 http://blog.firsttuesdayjournal.com/?p=1966#comment-49951 Close, but no cigar. This does NOT solve the breaking down of society through loss of one's home. What needs to happen is for Fannie Mae (or someone) to buy the homes from the lenders at the short sale price and sell them back to the current homeowners at that price, 30 year fixed, 4-5% interest. This is, in effect what loan modification should have accomplished, but lenders are quite unwilling to negotiate. Lease back doesn't help with taxes, doesn't promote stability, doesn't anything other than give one more time to worry about one's future. I'm 335 days into "negotiations" with my lender. I absolutely did not think ANYONE on this planet could weaken my spirit, bend my spine, or make me sick. My lender has done all three. . . and you WILL be reading the who of that and the story quite soon as they have just refused to deal. My negotiator is going back to them for one more shot, but as the lender has a dreadful track record of helping anyone, has lost paperwork repeatedly, lied in court (I have proof), and probably can't locate the note, I don't have much hope. Close, but no cigar. This does NOT solve the breaking down of society through loss of one’s home. What needs to happen is for Fannie Mae (or someone) to buy the homes from the lenders at the short sale price and sell them back to the current homeowners at that price, 30 year fixed, 4-5% interest. This is, in effect what loan modification should have accomplished, but lenders are quite unwilling to negotiate.

Lease back doesn’t help with taxes, doesn’t promote stability, doesn’t anything other than give one more time to worry about one’s future.

I’m 335 days into “negotiations” with my lender. I absolutely did not think ANYONE on this planet could weaken my spirit, bend my spine, or make me sick. My lender has done all three. . . and you WILL be reading the who of that and the story quite soon as they have just refused to deal. My negotiator is going back to them for one more shot, but as the lender has a dreadful track record of helping anyone, has lost paperwork repeatedly, lied in court (I have proof), and probably can’t locate the note, I don’t have much hope.

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