Help for Foreclosed Homeowners? - Not

Yet another bill is being mangled through Congress to help foreclosed homeowners rent their homes from the lender. I have three words for this one having any meaningful effect . . .

Not a chance.

Four years ago I warned that the coming housing crisis would be made much worse by lenders that have no idea how to manage real estate. We are already seeing that in the way these lenders are trying to deal with foreclosures. They not only can't manage them, but they make things worse when they try to sell these homes.

Rentals? Do you really think there is a snowball' chance in hell that lenders can manage rentals? This includes collecting rents, inspecting properties, property maintenance, evictions, etc. Rents in most markets do not cover mortgage payments, so why would a lender want to take a loss on the rental . . . and have to pay taxes, insurance, maintenance and a property manager?

This is not only a plan doomed for failure, but it is another example of a buffoonish ObamaRamaLama that will further fuel the financial crisis by forcing banks to lose more money, instead of cutting their losses and facing the consequences

For additional information on Florida Real Estate visit our website at http://www.floridahomes.pro/ If you are a buyer or investor, please feel free to email me at Mike@FloridaHomes.PRO or call me at 772-260-5448
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