Deed –for-Lease . . a “New Fannie Mae Program”
August 3, 2010 by admin · Leave a Comment
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A Short Sale
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A Deed-in-Lieu-of-Foreclosure
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Foreclosure
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Stay in your home and neighborhood — no need to move or relocate
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May be able to recover your credit score faster than if you went through foreclosure
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Assistance for relocation may be available at the end of your lease
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Avoid foreclosure
Up until now, there has been only 3 options when you can no longer afford to pay for your mortgage
Fannie Mae has come up with a 4th one. .
Introducing Deed-For-Lease-Program from Fannie Mae
A new program that allows you to temporarily lease your home. You first transfer the ownership of your home to the mortgage company (called a Deed-in-Lieu of Foreclosure, see below) in exchange for release from your mortgage loan and payments. You can then rent the property back — at an affordable rate — and remain in the home as a tenant. Deed-for-Lease benefits:
On the surface this could be a salvation for some homeowners.. but I really doubt that homeowners will be willing to stay as tenants on the homes that they have just lost to the lender(s)
Lenders do not really think this way. . .is it just me?
Time will tell. .
What do you think?
