“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”
Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.
Sounds like an admirable and helpful concept for many families facing foreclosure. However, if the feds are becoming a “National Landlord”, will their next step be renting all the vacant homes they own from foreclosures? That competition with the private sector of landlords and investors who own rental properties would be an interesting dilemma!
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