A new “Deed for Lease” program announced by Fannie Mae will allow homeowners in foreclosure to lease their stay in their home for at least a year. This program is being offered to homeowners who do not qualify for a loan modification and the leases may be extended by Fannie Mae at the expiration of the year. Although Fannie Mae does not state how many homeowners may benefit from the program, they acquired 57,000 properties during the first half of 2009. Thie program is similar to an effort by Freddie Mac that began offering month to month leases to homeowners who lost their homes.
In related news, Fannie Mae said it would need an additional $15 billion from the US government after it posted an $18.9 billion net loss for the third quarter. In the past year, the government has invested more tahn $110 billion in Fannie and Freddie and has pledged to invest as much ast $200 billion in each to keep them afloat.
To find out how to take advantage of this new program, contact Matt Weidner at www.mattweidnerlaw.com!