Fannie Rents to Owners
Fannie to Rent to Owners in Foreclosure
Source: wsj.com
"Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.
The "Deed for Lease" Program lets borrowers who don't qualify for loan modifications transfer their property to Fannie Mae in exchange for a lease. Borrowers-turned-tenants will pay market rents, which in most cases are lower than the cost of mortgage payments, and might be offered extensions when their leases expire."
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This article was very informative. The program from Fannie Mae will hopefully be beneficial to more homeowners that are facing a struggle in keeping their homes. I think it's a great option for homeowners in their time of hardship. I also appreciate the fact that it's noticed that property management will always be needed.
This seems like an excellent program to temporarily prevent homelessness and to stabilize neighborhoods. It is amazing to read that Fannie Mae's bailout has cost taxpayers $61 Billion dollars to date.
- Owen Ahearn | Flag this comment for review