If you have a Fannie Mae loan, they have a new Deed for Lease program that could be of interest to underwater homeowners. Find out more on Fannie Mae’s website:
http://www.fanniemae.com/kb/index?page=home&c=homeowners_moreoptions
More details…
Deed-for-Lease™
A new program that allows you to temporarily lease your home. You first transfer the ownership of your home to the mortgage company (called a Deed-in-Lieu of Foreclosure, see below) in exchange for release from your mortgage loan and payments. You can then rent the property back—at an affordable rate—and remain in the home as a tenant. Deed-for-Lease benefits:
- Stay in your home and neighborhood—no need to move or relocate
- May be able to recover your credit score faster than if you went through foreclosure
- Assistance for relocation may be available at the end of your lease
- Avoid foreclosure
To find out if your loan is a Fannie Mae loan, check here:
http://www.fanniemae.com/loanlookup/
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