Fannie Mae Rental Program

If you are a homeowner who faces foreclosure, new changes in the rules will now allow you to consider renting your home from Fannie Mae instead of losing it outright.

The new plan for dealing with the aftermath of the real estate crisis, called the "Deed for Lease" plan (since "this for that" themed plans apparently work really well for fixing the economy) So if you can't qualify for a home loan under the new regulations, but want to try and keep your home, you will now get a one year rental period from Fannie Mae, that gives additional time and opportunity to work towards keeping your home that you've invested so much in.

Freddie Mac has had a similar deal in place for some time as well, with somewhat different regulations on how the home can be rented after it is fully foreclosed. Hopefully more such compromises can be found, so that the many hard working families caught up in this crisis will not have their lives turned upside down.

Fannie Mae Rental Program
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housands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that...

Fannie Mae Rental Program