How to Get Into Rental Program: After the Fat Lady Sings

Thank you June Reyno and Poppa Koppa for this Post

There is a myth going around that once the eviction and unlawful detainer are completed, and after the Sheriff has thrown you out of your own home, there is nothing else you can besides try to rent the property. Not So! There are numerous ways of turning everything back around, placing you back in your own house and vacating the foreclosure sale, the unlawful detainer and the writ of possession. Some of them involveFannie Mae renting the house, but we come back to the issue rent from whom? If they fraudulently obtained title and now wish to charge rent which they will keep for themselves why should you be paying them? The answer is very simple: if that is the only way to stay in your house without the sheriff at your door, you do what you must.

Keep in mind that you should invoke these procedures, but don’t say within the lines they painted on the highway. Demand documents to prove that the party wishing to have a rental relationship with you is in fact the proper party to do it. Why? Because you don’t want to have paid all that money to the wrong person. And you don’t want some new party whom you never heard of saying that now they own the property and the rental deal was void because they always owned the property since the foreclosure. See the other “How to” articles over the last week and you;ll see what I mean.

PoppaKoppa sez: Let’s tell it straight!

The Wall Street pretender lenders, prankster banksters and squishy beneficiary Trusts unlawfully discount your original note when they do an untitled transfer of your property at a sham foreclosure auction that extracts an unnecessary 20% from home equities, THEY are made whole by pay offs on Credit Default Swaps, re-insurance from a Quasi government entity, and/or rapid re-sale of Your American Dream @ 50% of the NOD amount owed.
They blame YOU for failing to meet obligations THEY established. After inflicting untold emotional and financial harm, wearing down your Main Street Spirit, they ask you to say “THANK YOU, SIR!” when swoon goons will hand you back the keys to your own home!
Some folks call the past two years a period of necessary social change (socialism). I call it unjust transfer of wealth, demise of capitalism, and “Tyranny on The Courthouse Steps!” The Mass Media and Talking Heads will applaud this program as a Sigh of Relief for American Society… NAHJ supporters and Forty Percent of homes still in distress should see TEARS falling from The Statue of Liberty!

U.S. offers rental programs to foreclosed homeowners
Is renting your home an option after foreclosure?

By Amy E. Buttell, Cyberhomes Contributor

Published: December 4, 2009

Programs offered by Freddie Mac and Fannie Mae give homeowners the option to remain in their foreclosed home as renters. (Photo: Rich Pedroncelli/Associated Press)
If you’ve received a foreclosure notice or are in imminent danger of foreclosure and your mortgage is owned by government agencies Fannie Mae or Freddie Mac, you may be able to rent your home (or former home) at an affordable rate.
Fannie Mae’s Deed for Lease Program, begun in November 2009, and Freddie Mac’s REO Rental Option program, started in January 2009, aim to keep more homeowners in their homes, even if they no longer own them. Below are the three most common questions homeowners are asking about the rental programs.
What do I need to do to participate in a foreclosure rental program?
First, you need to figure out if Fannie Mae or Freddie Mac owns your mortgage, says Ryan Boyajian, president of We Save Homes Inc., a publicly traded company that assists homeowners with loan modifications and short sales. You can find out here:
Freddie Mac Fannie Mae
While some banks and finance companies that own mortgages are offering similar programs, only mortgages owned by Fannie Mae and Freddie Mac are eligible for these two programs.
What are the qualifications?
They include:

* Your income must be sufficient to make rental payments.
* The property must be in good condition.
* For Fannie Mae-owned properties, second mortgage liens aren’t eligible and subordinate liens must be released. You must surrender your mortgage deed (known as a deed-in-lieu of foreclosure). You also cannot be involved in an active bankruptcy proceeding. Homeowners who are current on their mortgage payments aren’t eligible.
* Under the Freddie Mac program, foreclosure must have already been completed, meaning you weren’t eligible for a loan modification.
* The home must be your primary residence.
* If you are a tenant of a Freddie Mac or Fannie Mae homeowner, you are also eligible for these programs.

What are the terms of the rental, if I qualify?
The terms vary. Rents, especially in areas hard hit by home prices declines, will be at regional fair market value rates, which are likely to be significantly lower than most borrowers’ payments, says Andrew Housser, co-CEO of Freedom Debt Relief, a San Mateo, Calif.-based company that helps consumers settle their debts. In other words, “your rent payment will never be more than 31 percent of your income, but that amount must equal or exceed the fair market rent in your area for your type of home,” says Boyajian.

Under the Freddie Mac program, the rental is month-to-month, so if your house is sold under foreclosure to a new owner, you will have to leave at the end of the month. The Fannie Mae program provides greater stability, as the leases are 12-months, and your home will not be put up for sale during that time.

The time period to complete the lease agreement varies, but Fannie Mae expects its property managers to approve the rental application and complete the deal within 10 days, says Mia Melle, broker and president of operations at, a Southern California property manager. She urges homeowners to respond quickly to a rental offer. “They have 72 hours to respond,” she says. “If they don’t, the offer will be rescinded.” Under this program, Fannie Mae may decide to extend leases for another year or continue the arrangement on a month-to-month basis.

CHARLES J. KOPPA, Realtor/Loan Officer/Investor/Grandfather, 760-787-9966 & the National Alliance of Homeowners for Justice dba: HELPING FAMILIES SAVE THEIR HOMES FOUNDATION

“Looking for Homeowner Volunteers Across America to Rescue Homeless Families That Have Lost Their Homes to Foreclosure” Call: 1-888-899-8915 / 909-795-4046

5 Responses

  1. Out here in this hell-hole called Phoenix, I took a walk around my neighborhood over the weekend. There must have been a dozen vacant houses, all with lock-boxes on the front door and a for-sale sign out front. At least half of them had the dreaded bank-owned paperwork taped up in the front window. And I thought it was bad in California …


  2. there are a lot of nice homes here, empty, going to waste, no one wants the homes, some of the homes have no locks on the doors, some have no doors, period, the doors were sold to the swap shop.

    Many of these homes are huge mansions, the city is posting signs of infractions on the property, with intent to sue for money, by way of fines.

    You have to go to the public record and check on who the owner is, if it is claimed to be a bank I see no reason one cannot pull off a squat.

  3. RENTON – December 4, 2009 (WPVI) — A 57-year-old woman in Trenton is trying to put the pieces back together after being victimized by a mistake by her mortgage company which just happens to be the Bank of America.

    Three days after being locked out of her house because of a bank mistake, Nina Morra was let back in today, only to find she had no water, no electric, and no heat.

    “I am sick and it’s very hard to have days like I’ve had,” Morra said.

    After spending several months in the hospital following a stroke in January, Russian-born Nina fell behind in her mortgage payments to Bank of America and was facing foreclosure, but on November 19 she’d been accepted in to a repayment plan. Nina then went away for a week to visit relatives for Thanksgiving, but when she returned late Tuesday night to her Division Street home she found the locks had been changed.

    “I couldn’t open the door and I couldn’t realize what’s going on with my home,” Morra said.

    Nina and a realtor friend spent the next couple days making dozens of frantic and frustrating phone calls trying to straighten out the problem and get her back in her house.

    Finally, late Thursday night, Bank of America admitted it had made a mistake.

    Apparently Nina’s paperwork for the repayment plan didn’t clear quickly enough to stop an inspector for the bank from changing the locks and declaring her house abandoned while she was away. Spokeswoman Jumana Bauwens says Bank of America takes responsibility because it was their contractors and promised to pay any costs associated with the mix-up.

    A local councilman is blasting the bank for the mix-up.

    “Those people are honestly struggling to pay their mortgage and you’re going to make some type of mistake like that? You know, it’s inexcusable,” Councilman Manny Rivera said.

    Nina Morra was in the process of getting her utilities turned back on, but is calling her lockout a nightmare that didn’t have to happen.

  4. Maybe I should move to Florida and squat … seriously.

  5. Well on my blog, one of the most read posts happen to be one on squatters rights. If I am renting from someone who foreclosed on my home, and if some day in the future I stop paying the rent, but I was living there after the foreclosure eviction, now I am renting, now i stopped paying the rent and I am still living there and I have a renters` contract that is in default, well I have this feeling that this borders on squatting, because the ” landlord” who is not the actual owner has to take me to court, to evict me again, well I would argue that he is not the holder in due coarse, and then well this landlord now has to somehow prove that he is the owner, I simply see that so many homes are empty and so many readers are interested in squatting reads, just makes me think, plus I love people who squat homes.

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