The rental Option allows the current resident to stay in the home on a month to month basis until it is sold. There is no credit check or application for this. During this time the home will be up for sale, sign in the yard and all, and residents will have keep the home up and allow agents to show the home. The rent would be based on the "Current MKT Rate for the area". I opted for the cash for keys. This means we have agreed on a move-out date and I will leave the home in "Broom Condition". Basically meaning that I will remove all of my belongings, leave what belongs(ie: cabinets, carpet, sinks etc), do light housework and not trash the place. In exchange for this courtesy they will pay me cash. This is money I can put towards moving costs, security deposit or just keep in the bank. They offered me $871 and I took it. Not sure if it is negotiable or not, I didn't try.
I hope this helps anyone that finds themselves in a similar situation. It's a scary spot to be in but my Fanny Mae Rep has been very supportive and understanding. He checks in with me every week to make sure everything is ok and moving smoothly.
Thank you very much for the update. We get several questions like this every month, but little feedback. With the governments new Making Home Affordable website, we can try to get homesellers to see if Fannie Mae owns their loan and perhaps save a few people some grief.
Good luck in your move..
From your response, it would appear that you are in the redemption period, which is described in the links on the MSHDA website. When you contact an attorney, they will need to know that information.
I know this is very frustrating. When you start looking for a new place, there are homes available on http://moveinmichigan.com simply enter 1 or 2 (thousand) for your maximum price. This is not my personal website, but the public site for my Multiple Listing Service. These homes are offered by home sellers through real estate companies.
By up for sale, do you mean there is a real estate sign currently in the yard, or the sheriff auction was on July 8th? This is important because of the redemption period and eviction process.
I would agree with two things. an attorney will be able to discuss your choices and who you should pay rent. I suggest looking at the links on the website Ed and Cindy suggest from MSHDA. There is information on that site about foreclosure and possible timelines. There is also rental assistance information.
Another site that may help is http://www.michigan.gov/documents/Landlord__Tenant_Guide_10-
Yes, as twisted as it sounds, I have learned that the landlords can in-fact still require the rent money for the length of the contract. If you don't pay, it would be up to a judge to decide most likely. Contact an attorney immediately! I have heard a lot of creative solutions to this all to common problem...
As agents we need an authorization signed by the sell/owner to even talk to the bank, so I doubt they will talk to you. Then once the banks are thru the redemption period, they get the homes emptied of personal belongings and on the market for sale for a quick sale.
Good luck to you...it's apickle that you never asked for.