November 6, 2009

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

Posted at November 6, 2009 3:25 AM

Where can I go to get more indepth information about this program. such as if you are swapped to rental status then will the company be responsibel for upkeep such as repaires on a roof or plumbing, like with others who rent out homes?

Posted by: Denise Massey at November 6, 2009 9:17 AM

Where can I get more information on this program

Posted by: Adriana Perez Ortiz at November 6, 2009 1:14 PM

I really wish this would have been available when I lost my home in 2004!!!!!

Posted by: Lidia at November 6, 2009 2:46 PM

please call me at 419-426-0124, i,m in forecloser now and are very interested in this program on renting my home and trying to save it.

Posted by: daniel moser at November 6, 2009 11:33 PM

Please call me at (561)502-7525. I'M in foreclosure and want to save house, if that the only the way for me to save it I'll take it,because I really want to stay in just for my family. that's will be a great programs ever for all families homeowner in foreclosure crisis.

Posted by: Kenol Jayseus at November 7, 2009 12:56 AM

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