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Reply #59: The houses may be empty but not abandon I think. [View All]

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county worker Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-16-10 02:40 PM
Response to Reply #52
59. The houses may be empty but not abandon I think.
There are many empty houses in my neighborhood. The owners bought them at the height of the housing bubble. The borrowed a couple hundred thousand over what they are worth now. The lost a job or for some reason could not make the payments. They are out, the house is for sale by the bank.

My idea is to not put them out of their houses in the first place. They could be offered a lease option on the house at some rate the can afford, maybe adjustable as their means improve. They no longer have a mortgage but are paying rent plus a payment toward a down payment in a future date. The price is set today. In the future, say two years, if they can get back on their feet they get a new mortgage at the price set. The bank is not out but also gets money toward the eventual resale to the renters.
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