Facing Foreclosure? Use Fannie Mae's New Program & Become a Tenant
Southern Maryland Real Estate received this today from Marcy Eastham about Fannie Mae's New program. This would help out quite a few people in Southern Maryland.
Monique Hailer - CENTURY 21 New Millennium
WEB: Southern Maryland Real Estate
Mobile: 443.532.5407 Email: moniquehailer@mris.com
A few days ago I shared a post from Howard Bell in San Franciso telling about a Fannie Mae program that allows renters to stay in the property even if the owner defaults. I have also learned that the program allows eligible homeowners who are facing foreclosure to give the deed to their home back to the lender and remain in the property as a renter -- paying market rates -- for 12 months.
The program, announced November 5 in a Fannie Mae Press Release is
called "Deed for Lease" and is explained in this post by Chris Thorman of SoftWare Advice It's an interesting concept that raises a lot of questions about the role of Fannie Mae as a landlord that eventually outsources those operations to property management companies.
What do you think of this new Fannie Mae program?
****************************
Marcy Eastham is a broker with Town & County Realty in Corvallis, Oregon. I know this region well, and call it home. Contact me at (541) 757-1781 for your Mid-Willamette Valley real estate needs. marcy@tncrealty.com
Comments(0)