There may be a little bit of light at the end of the tunnel for people who are currently going through foreclosure - they may be able to rent their property back from Fannie Mae.
Fannie Mae has recently announced the Fannie Mae Deed For Lease Program and it is designed to be another option to borrowers who are facing foreclosure.
According to Jim Ryan, VP at Fannie Mae:
"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."The Fannie Mae Deed For Lease program is meant for people who have been unable to get a loan modification and under the program, the owners transfer the deed to Fannie Mae in a process called deed-in-lieu-of-foreclosure. Once Fannie Mae has the deed, they then will rent the property back to the previous owners at a market rent rate.
In order to be eligible to participate in the Deed For Lease program, the occupants must live in the home as their primary residence and the leases must be no more than 31% of the occupants gross income. Leases can be up to 12 months and then month to month after that.
If you think that you may be a candidate for the Deed For Lease program, see the Deed For Lease program guide at eFannieMae 's site.