FED-UP with forking out a small fortune for a tiny bedsit?

 Why not pay a fraction of the price and set up home in an old fire station?

In return for looking after empty premises, cash-strapped tenants — or guardians, as they are known — get loads of living space in prime locations for as little as £45 a week rent INCLUDING council tax.

Many public buildings are involved in the scheme, including old schools and town halls.

Barmaid Lyndsey Dawson, 23, is one of six tenants living in a laboratory that fell into disuse more than a decade ago.

Others who have moved in include a cabbie and a teacher.

Lyndsey pays £180 per month for the use of a vast office in the three-storey building on Bidston Hill, Merseyside, on the Wirral peninsula.

http://www.thesun.co.uk/sol/homepage/features/article2266214.ece

Mortgage-finance company in Washington Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure.

The goal of the new policy is to prevent properties from becoming vacant so they won’t fall into disrepair.

Freddie also said it will allow renters to remain in their homes even if their landlord enters foreclosure. It has about 8,500 properties in the foreclosure process, but many are vacant.

“Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market,” said Freddie Mac Chief Executive David Moffett.

Fannie Mae, which announced similar plans in January, said it has stopped about 20,000 foreclosure sales and halted 6,300 evictions of owners or renters this winter.

Under Freddie Mac’s new policy, tenants and former property owners need to demonstrate they have enough income to pay the rental bill.

Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.

Fannie Mae and Freddie Mac were taken over by the government in September.

For more about this issue, http://seattletimes.nwsource.com/html/realestate/2008742377_freddiemacrent15.html

It has been revealed in a recent report that a mortgage rescue scheme that aims to try and reduce the number of repossessions taking place is to be rolled out across England. The scheme involves social landlords, which are housing associations, buying up homes from homeowners that are struggling to meet the repayments and could otherwise face repossession, and then allowing the former homeowners to continue living in the property on a rented basis.

The scheme is costing the government around £200 million, and it is estimated that around six thousand repossessions could be halted through the scheme. There are similar initiatives in place or planned in Ireland, Scotland, and Wales, according to industry officials. This latest scheme is one of a number of measures that have been put into place to try and reduce the number of repossessions across the country, with some industry groups predicting that repossession numbers could soar as high as 90,000 over the course of the year.

This latest scheme was put into place last year, with an agreement being drawn up by the agency that represents the housing associations in England, the National Housing Federation, and the Council of Mortgage Lenders. So far the scheme has been adopted by around eighty local authorities across the country, but will now be extended across the rest of England. In Scotland a similar scheme has been in place for around five years, and it is thought that so far around seven hundred homeowners have benefited from the program.

Housing associations in England will buy up qualifying homes based on an independently assessed market value, and the homeowners will then either be allowed to stay on at the property as a rent paying tenant or may qualify to receive a loan from the housing association so that they can stay on as owners. The homeowners can then repay the loan in part or in full as their financial circumstances improve.

The scheme will be mainly aimed at more vulnerable households, such as those with children, those with disabled family members living in the household, and pensioners.

For more about this subject: www.loans4.co.uk