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Fannie Mae recently launched a program that will help some homeowners (or their tenants) who are facing foreclosure to stay in their homes for up to a year.
Under the Deed for LeaseTM Program, homeowners voluntarily transfer their property back to the lender by completing a transaction known as “deed in lieu of foreclosure.” Then, they lease the house back at a market rate.
The hope is that occupied homes will help stabilize neighborhoods hit hard by foreclosures while giving the occupants time to make other living arrangements.
Here are a few pointers about the program:
The program targets borrowers who have not been able to modify their original home loans.
The home must be the borrower's primary place of residence.
Individuals leasing their homes through Fannie Mae will pay a market rental rate—typically lower than their current mortgage payment.
Occupants must document that the rental amount is no more than 31% of the gross household income.
Occupants may stay in the homes for up to a year. Extensions may be negotiated after that time.
To learn more about this program, visit Fannie Mae’s website:
News Release
Deed for Lease Overview
Deed for Lease: Instructions for Borrowers
Deed for Lease: Frequently Asked Questions