We All Need Free Money For 99 Years

In some parts of the country it has been a practice of some HOA and Condo Associations to collect a “resale fee”, now sometimes called a “flip fee”. Basically the current seller of a unit in these Associations had to pay a fee (typically 1%) every time the property sold. This fee went to the common area maintenance which kept the monthly fees down in theory.

Now builders have decided this is a good idea and in some parts of the country have been implementing the same type fee. Everytime the house is sold the seller must pay the builder a “flip fee”. This goes on for 99 years. The funds go straight to the builder and in no way benefits the neighborhood. It is just residual income to the builder for his life and the life of his heirs.

We all need a deal like that. Fortunately it hasn’t caught on in Kentucky.

FannieMae’s New Website For Distressed Homeowners

Fannie Mae (FNMA) launched a new website Tuesday aimed at helping distressed homeowners understand their options whether they want to stay or leave their current home. The website is

www.KnowYourOptions.com

The website is very user friendly and highly interactive. Through a virtual assistant the homeowner is able to look at several options and get a better understanding of the industry terms that most consumers don’t understand. The bottom line is the site prepares the homeowner to talk intelligently with their lender or instructs them on how to seek help from free counseling.

I think this website will have a greater impact in helping the homeowner than almost any mortgage program that has been announced.