11/5/09
Fannie Mae announced a new foreclosure prevention program that is called the “Deed for Lease Program”. This program was designed to help struggling borrowers facing foreclosure to stay in their homes.
The borrower must transfer the property back to the lender through a “deed in lieu of foreclosure” and then they may be able to lease the property from the lender. This program was designed for borrowers who could not take advantage of a refinance or loan modification and are facing foreclosure.
“This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities” according to a statement from Jay Ryan, Vice President of Fannie Mae.
For a list of guidelines, qualifying criteria and answers to other frequently asked questions visit Fannie Mae’s website
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