November 5, 2009
A “Deed for Lease” program has been released by Fannie Mae whereby owner’s of home unable to qualify for a workout or refinance would turn over the deed to their house in lieu of foreclosure, essentially a deed with lease agreement in lieu. Borrowers would be able to sign leases for up to 12 months, and month-to-month extensions beyond that, with some income conditions.
This program will likely eliminate some of the demand for rental housing which is stemming from widespread foreclosures.
- Fannie Mae and Freddie Mac Lift Foreclosure Moratorium
- When Nobody Else Will Lend, Where Do You Go? Taxpayers
- 90-Day Foreclosure Moratorium Kicks In Tomorrow
- Housing Market Not As Healthy As Low End Would Suggest
- Government Unveils Its Plan For Housing