Fannie Mae's new DEED FOR LEASE program may prove to be another option for homeowners who are having trouble making payments and are facing foreclosure.
Homeowners who are upside down and cannot afford to make their mortgage payments may apply for a deed in lieu of foreclosure; and when the deed is recorded, their lender becomes their landlord and the former homeowner may remain in the property as a tenant for up to a year. The former homeowner is able to save the cost of a move, and stay in their current home providing greater stability for their families who are otherwise under severe stress. An added benefit is a reduction in the number of vacant homes in neighborhoods across the Valley, reducing neighborhood blight and crime.
The program is not for everyone, however. According to Fannie Mae's website, the following eligibility criteria must be met by the homeowner:
The mortgage loan is a first lien mortgage loan secured by a one- to four-unit property. All property types are eligible. Second lien mortgage loans are not eligible.
The mortgage loan is not guaranteed or insured by a federal agency (FHA, HUD, VA, or Rural Development).
The borrower resides in the property as a primary residence or has leased the property to a tenant who uses the property as a primary residence.
Second homes or vacation homes are not eligible.
At least three payments have been made since origination or since the last modification.
At the time of the referral to Fannie Mae for the D4L, the borrower is not 12 or more payments past due on the mortgage loan.
The borrower is not involved in an active bankruptcy proceeding and is not a party to litigation involving the subject property or the mortgage loan.
Marketable title is able to be conveyed (a title insurance policy is required). If there are subordinate liens secured against the subject property, lien releases can be obtained.
The occupant of the property (i.e., the borrower or the borrower's tenant) has verifiable income. Occupants with no source of income are not eligible.
According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:
Home sales in MOUNTAIN BRIDGE during October, 2009 AVAILABLE NOW
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Home sales in Chaparral Estates during October, 2009 available now at Chaparral Estates Gilbert Market Activity
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October 2009 Home sales in Power Ranch Available Now
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Home sales in PARKWOOD RANCH during October, 2009 AVAILABLE NOW
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Home sales in Las Sendas during October, 2009 AVAILABLE NOW
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October, 2009 Home sales in Red Mountain Ranch AVAILABLE NOW
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The Market Activity Report should be viewed as a trend report. All homes are unique, so before taking any action on your home contact me for a more detailed home value.
Search ALL Augusta Ranch AREA HOMES FOR SALE, Augusta Ranch bank owned homes, Augusta Ranch short sales, Augusta Ranch foreclosures, Augusta Ranch homes for sale with pool, Augusta Ranch golf course homes, etc. at http://www.audrywolff.com/All_About_Augusta_Ranch/page_2271372.html
In addition to all of the great information on Augusta Ranch, Mesa, we also provide property information including Mesa homes, Mesa MLS listings, Mesa condos, as well as Mesa bank owned homes, Mesa foreclosures and full access to all Mesa short sales and other Mesa real estate listings at
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