Posted To: Pipeline Press
After hearing about Fannie D4L's program (Deed for Lease), my cousin made sure that Fannie owned his loan , and then called them because he was having trouble with his water heater's pilot light. As you can imagine, the call didn't go very far up Fannie's organizational chart. Many are viewing the program somewhat skeptically, saying that Fannie and banks can't manage the properties that they own now. The program is meant to allow some homeowners facing foreclosure to hand the deed back to their lender but remain in the home as a renter – the servicer has to decide that the borrower qualifies for a "deed in lieu of foreclosure." The rent can't exceed 31% of their monthly gross income, the borrower cannot have 12 or more past-due payments on their mortgage and…(read more)
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