Fanny Mae has announced a new policy allowing borrowers approaching forclosure the option of renting their homes from Fannie.
The program...DEED FOR LEASE... will let borrowers transfer ownership to Fannie Mae and sign a 1 year lease with month to month extensions after that. The plan will keep families in the homes and stabilize neighborhoods. In the 1st half of the year, Fannie took back almost 12,000 properties thru this process, while repossesing 57,000
Freddie Mac has a similar rent back program in place since March
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