Fannie Mae offers - Deed for Lease Program instead of immediate foreclosure. this is another option rather than foreclosure or Short Sale.

If you do not qualify for a loan modification or have failed a loan modification plan you may be in luck to get in this Fannie Mae Deed for Lease Program.  If your property is a Fannie Mae property you may qualify for the Deed for Lease Program that Fannie Mae just announced.  This program can prove to be very useful and a stress reliever for homeowners that need more time to get their finances in order before completely moving out of their home.  It beats a foreclosure no matter how you look at it.

Borrower must be willing to transfer their property to the lender by completing a deed in lieu of foreclosure and then lease back the house at a market rate.

There are some guidelines that you must meet - here they are in a nutshell: In order to qualify you must meet these basic requirements:  If you answer yes to the questions below, contact your Fannie Mae representative to see if you can get started with this program to avoid foreclosure and evictions.

1.  Is this a Fannie Mae property - Don't know?  Go to: http://loanlookup.fanniemae.com/loanlookup/

2.  Are you living in your property and is it your primary resident?  ** TENANTS may qualify for this program as well

3.  Can you afford to pay a monthly rental that is no more than 31% of your gross income.  Also, that you are willing to take the commitment to pay the rental - on time.

4.  Do you have a second lien and are you able to get them to release you from any obligation of that loan?

Need more information on this program?  Go to www.efanniemae.com.  This is another avenue/option of options to avoid foreclosure? 

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