Fannie Mae is going to be a LANDLORD!

Outside the box thinking for Fannie Mae!

Fannie Mae has announced a Deed-for-Lease (D4L) program to help struggling homeowners avoid forclosure and also stay in their current house by paying rent. This is in conjunction with the Deed-in-Lieu of Foreclosure(DIL)Program. In other words, the end result is that Fannie Mae gets the house and you are no longer the homeowner.

Of course there are guidelines and criteria for progam eligibility.

Here are some brief highlights:

* You can have only one trust on the property. If you have a home equity loan or line of credit or second trust, you do not qualify.

* You have to determine if Fannie Mae funds your current mortgage. To do this, go to Fannie Mae's loan lookup website and put in your address:


* Your current loan servicing company will be responsible for implementing the program. In other words, contact the company to which you make your mortgage payments.

* You have to show a hardship or difficulty making your current mortgage payments.

* You can't show too much hardship..you need to show that you are able of paying the current rental market rate for the property. As a guideline, the rental value must be 31% or less of your household income.

*Servicers can start offering this immediately.

Call 'The Power of 3' for more details! We are here to be your real estate resource!

Carmelle Shea