Fannie Mae New Deed For Lease Program

By Editor · on November 5th, 2009 ·

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Fannie Mae Announced today a New Program for Home Owners who are facing foreclosure who dont qualify for a Loan Modification to sign the lease over to the Lender and then rent back the property for a year or more based on market rates.  This shows you how hard it is for banks to move these properties, turn them over, and sell them back.  Fannie Mae also requires that they be Owner Occupants of the property.  Fannie Mae will agree to allow Home Owners to stay in their home in cases where a home owner does not qualify for a loan modification provided they sign over the deed of lease back over to the bank.  This report provided by  CNBC and Diana O’lock.

Many Home Owners in Northern Virginia are facing foreclosure.  Many do not qualify for a loan modification due to a job loss.  If Fannie Mae is offering this rent back option to these people and agree to rent back to the Home Owners at market rate, how many of these people will be able to afford to rent back their own home for a specific period of time?  Who determines what that market rate truly is?

Northern Virginia Real Estate

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This entry was posted on Thursday, November 5th, 2009 at 12:45 pm and is filed under Alexandria Virginia Home Sellers, Arlington County Virginia Home Sellers, Ashburn Virginia Home Sellers, Clarke County Virginia Home Sellers, Fairfax County Virginia Home Sellers, Fauquier County Virginia Home Sellers, Frederick County Virginia Home Sellers, Loudoun County Virginia Home Sellers, Northern Virginia Home Sellers, Prince William County Virginia Home Sellers, Washington DC Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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