Homeowners facing Foreclosure might be able to Lease their homes back

Fannie Mae has introduced a new program called Deed-for-Lease™ (D4L). The Deed-for-Lease Program allows homeowners who are facing foreclosure a way to stay in their homes as renters instead of losing the home completely.

The Program allows qualified borrowers to transer the property back to Fannie Mae through a deed-in-lieu of foreclosure (DIL) and then stay in their home as tenents. Borrowers facing the fear that they can’t pay their mortgage need to get in contact with their lender and ask if they qualify for this program. If they determine that you qualify, you must be able to pay a fair market rent, not to exceed 31% of your monthly gross income.

For more information, click here to visit Fannie Mae’s official site.

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