Comments on: Deed for Lease program http://salemoregonrealestatehomes.com/2009/11/07/deed-for-lease-program/ The home truth and nothing but the truth Tue, 09 Mar 2010 22:57:34 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Melina Tomson http://salemoregonrealestatehomes.com/2009/11/07/deed-for-lease-program/#comment-970 Melina Tomson Sun, 08 Nov 2009 05:24:08 +0000 http://salemoregonrealestatehomes.com/?p=2642#comment-970 Ron one of the criteria is that they have to show that they can afford the rent which will be the going rate for rent. I think they said it has to be less than 31% of the rent to income ratio to qualify to rent it back. You know, I imagine they will have property managers all over the place dealing with these rentals. I imagine the REO agents will suddenly become long term property managers, which they aren't used to. Normally they just evict people and move on. The deal with Deed for Lease is that the rental payment is based on the going market rent NOT the mortgage payment. I guess Fannie is taking so long to get these through the system it makes more sense to get something rather than have them sit empty. Ron one of the criteria is that they have to show that they can afford the rent which will be the going rate for rent. I think they said it has to be less than 31% of the rent to income ratio to qualify to rent it back.

You know, I imagine they will have property managers all over the place dealing with these rentals. I imagine the REO agents will suddenly become long term property managers, which they aren’t used to. Normally they just evict people and move on.

The deal with Deed for Lease is that the rental payment is based on the going market rent NOT the mortgage payment. I guess Fannie is taking so long to get these through the system it makes more sense to get something rather than have them sit empty.

]]> By: Ron Ares http://salemoregonrealestatehomes.com/2009/11/07/deed-for-lease-program/#comment-969 Ron Ares Sat, 07 Nov 2009 05:33:42 +0000 http://salemoregonrealestatehomes.com/?p=2642#comment-969 I liked the idea at first, but came up with a few questions. So the Govt is becoming a landlord? If someone couldn't make mortgage payments, how will they be able to make lease payments? And how will the Landlord handle rent defaults under the Oregon tenant law? I liked the idea at first, but came up with a few questions.

So the Govt is becoming a landlord? If someone couldn’t make mortgage payments, how will they be able to make lease payments? And how will the Landlord handle rent defaults under the Oregon tenant law?

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