Homeowners Could Quickly Become Renters, While Mortgage Companies Become Landlords
Posted by Bill Gray on November 18, 2009
[tweetmeme source=”your_twitter_name” only_single=false http://www.URL.com%5DChris Thorman from www.softwareadvice.com/property-management/ recently posted an interesting article about a program that could possibly turn thousands of homeowners into renters. The twist is homeowners could be renting their own home from their mortgage company. Here is a link to Chris’ article: http://www.softwareadvice.com/articles/property-management/breaking-down-fannie-maes-deed-for-lease-program-1111609/
This article interests me in two ways.
1. I own a home in Florida that I can not give away. I would be VERY happy to rent it from my mortgage company.
2. If this program takes off it could be a windfall for property managers of single family homes.
Since I work exclusively with landlords regarding tenant debt and tenant screening, the idea of renting my home from my mortgage company raises some interesting questions. Will I be screened and if so, by what criteria? Could my mortgage company evict me if I am late on my rent?
As this program unfolds please email me anything you learn. I am also very interested to hear from property managers as how you intend to capitalize on this opportunity to increase the number of rentals you manage.