Deed for Lease. Let’s trade.

Can’t pay the mortgage?  You still might be able to stay in your home.  Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.

Fannie Mae executives said the rental program is designed to help delinquent homeowners who don’t qualify for a loan modification, but still want to stay in their homes.

To qualify, homeowners have to live in the home as the primary residence and prove that they can afford the market rent, which will be established by the management company running the program. Rents are based on current market rates.

If you considering walking away from your home and renting elsewhere now you can rent the home you used to own.   Weird but it could work.   If you are facing foreclosure and want to know what options are available call us today.

A company at Software Advice claims to be able to help homeowners determine the renting versus owning the home.

- The Bank Slayer