Homeowners facing foreclosure may be able to remain in their homes

Fannie Mae has started a program called Deed for Lease™, created with the goal of keeping homeowners who would otherwise lose their home to foreclosure and alternative way of remaining in the home.

Homeowners who qualify and agree to give their home back to the lender via a deed in lieu will then be allowed to lease back the home at a payment in line with the current market. Other considerations in order to participate include:

• Home must be primary residence
• Rental rate cannot exceed 31% gross income
• 12 month lease period
• Inspection of the property to determine house has been maintained

To find out if you have a loan that qualifies for the Deed for Lease™ program contact your mortgage service. For additional information visit Fannie Mae.

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