Fannie Mae offers program to keep people in homes - Bills.com News

Bills.com News > Mortgage > Fannie Mae offers program to keep people in homes

Fannie Mae offers program to keep people in homes

Friday, Nov 6, 2009
By Jennifer Hewitt

People who are willing to take part in the voluntary repossession of their home may find some help in staying in their homes.

Fannie Mae announced a new program designed to aid people facing foreclosure that will allow them to continue to live in their homes. The Deed for Lease Program works by having homeowners sign a lease that is related to the voluntary repossession of their home by their lender.

"The Deed for Leaseprogram provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," Jay Ryan, Fannie Mae vice president, said.

The point of the program is to offer an option for homeowners who do not qualify for other programs, such as loan modification. For a house to apply, it must be the homeowner's primary residence. Furthermore, tenants of borrowers who are facing a foreclosure situation are also eligible for the program.

According to numbers from RealtyTrac, more people may be in a position
where they might need a program like Deed for Lease. The organization noted that foreclosure activity increased by 5 percent during this year's third quarter. In all, 937,840 properties faced foreclosure during that time.

Recommended stories
• Mortgage refinance applications increase According to the latest weekly survey from the Mortgage Bankers Association, home refinance applications increased. Nov 05, 2009

• Time to retrench, consider mortgage refinancing The Mortgage Bankers Association's mortgage data reveals that loan rates are hovering around 5 percent. Oct 30, 2009

Resources
that save you money
• You might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.

• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortgages from up to four providers.

• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.

• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .

Also, make sure to get a free financial health check-up with Bills IQ!
Information provided by Bills.com is for general informational purposes only and is not be construed as legal, financial, bankruptcy, tax or other professional advice. Should you require more detailed information or specific professional advice tailored to your situation you should consult an attorney, financial planner or tax advisor.

While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.