Comment #1

konane — Sun, 19 Oct 2008 16:09:47 GMT

Like your idea very much!

Original Blog Entry: Mortgage foreclosures [ a partial remedy ]

JAP69 — Sat, 18 Oct 2008 20:36:54 GMT

I had mentioned if I was a c e o of a mortgage company I would be coming up with remedies on foreclosures.

I was reading on my homepage yesterday about mortgage being foreclosed on that are rental property by the debtor. There were forclosures of rental property in the 100s of thousand if I remember correctly.

Now this would be a simple process by the mortgage companies. If the property that is being foreclosed on is a rental property of a single family dwelling why not contact the renter of that property to offer a transfer of the mortgage to the renter.

When property is rented the rent collected is generaly sufficent enough to cover all cost with a small profit. The renter of the property would have receipts for the rent paid. Show this proof to the mortgage company for your ability to assume the mortgage being foreclosed upon. If the renter thinks the interest is to high or they would prefer a locked in rate instead of an a r m they could have an option for a mortgage that is suitable to both the renter and the mortgage company.

If everything looks in order the mortgage will be tranferred to the renter and they would become the owner of the property.

That will give a continuation of mortgage payments to the mortgage company.

These c e o's have got to learn how to think. Foreclosing on property costs a great deal of money on their part.

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