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Rent your own home program is good for homeowners… and the housing market.
Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home. The effort is aimed at borrowers with mortgages owned or guaranteed by Fannie Mae who do not qualify for or cannot sustain a loan modification.
With unemployment continuing to rise (it’s 10.2% now), this Deed for Lease Program can’t be anything but good for homeowners who have lost their jobs (through no fault of their own). It’s also good for the housing market because this program will reduce the incidence of home foreclosures hitting the market.
(full article here)
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