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Loan Modification

: Mortgage Lender Implode-o-Meter

"Own to Rent" Taking Place in Phoenix

By Implode-Explode Heavy Industries

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"In 2007, Dean Baker proposed an idea he called "own to rent", in which homeowners facing foreclosure would be given the option of staying in their home indefinitely, provided they paid market rent. The notion was that stressed families would be spared the cost and disruption of moving if they were indeed viable renters (a big deal for kids in school). It would also save the bank the cost of foreclosure and the expense of maintaining a home and readying it for sale."

Full post as published by Mortgage Lender Implode-o-Meter on May 24, 2009 (boomark / email).

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