Another Bonehead Ideas from Fannie Mae

Fannie Mae has a new bonehead idea of how to help 74 million US home owners who are upside down with their Mortgage.

According to Realty Track the majority of these homeowners are still making payments on their loan and now would qualify to purchase a new home while renting the home that is still upside down.

So think about it folks. You have someone who has never missed a house payment but is struggling to keep the home. Is it wise to rent this home to someone else and buy a new home.

It seems to me you are compounding the problem, Sure you can rent the house and use the income to help qualify you for new house but what happens when your tenant stops paying you rent.

What happens when you need to make repairs on both houses at the same time.

What happens when you owe Real Estate Taxes or Insurance and you have a deficient amount escrowed to cover these expenses.

What happens when you run out of reserves

 

Answer:      YOU GET TWO HOMES UPSIDE DOWN. WAY TO GO  FANNIE MAE.

 

 

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