It seems fairly foolish to boot out renters who are paying their rent.
Why pay the rent?
Agreed, especially this time of year! Getting something out of the place is better than getting nothing!
As a temporary measure? Agreed. But Fannie Mae needs to be eliminated or greatly reduced as soon as possible.
Government created this mess to start with. Unfortunately, no one in government seems to be talking about fixing the problem. The patient (economy) has cancer (government intrusion), but the doctors (politicians) are focused only on applying bandages.
Our leaders are meddlers who think more meddling is the solution, and our economy is like a patient on twenty different types of medications. Each one creates side effects that require additional prescriptions to alleviate. A wise doctor would slash the number of medications to the bare minimum necessary, but that is something our present leaders are ideologically incapable of doing.
That is true, but how are the banks to know if that is the case? Their failure to pay may have been the reason for the owner's default.
They should be made to produce rent receipts or cancelled checks proving payment if they wish to stay. Then it becomes a win-win.
Yes. But it means the homeowner is getting the monthly payments (income) and not having any expenses (mortgage payments).
How convenient.
I got the notice yesterday that the owner of the property I rent has defaulted and that the property will be sold at auction in March. According to the notice, he hasn’t paid his mortgage since July. I’m curious as to where the rent I have paid since then has been going.