short sales help

    Up until now, there has been only 3 options when you can no longer afford to pay for your mortgage

     

  1. A Short Sale

  2. A Deed-in-Lieu-of-Foreclosure

  3. Foreclosure

  4.  

    Fannie Mae has come up with a 4th one. .

    Introducing Deed-For-Lease-Program from Fannie Mae

    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

  •  

    On the surface this could be a salvation for some homeowners.. but I really doubt that homeowners will be willing to stay as tenants on the homes that they have just lost to the lender(s)

    Lenders do not really think this way. . .is it just me?

    Time will tell. .

    What do you think?