OWNERS BECOME RENTERS

NEW YORK (Bloomberg News) – Another program has been set in motion to keep homeowners out of foreclosure. Homeowners who can’t get a loan modification may be eligible to transfer ownership to Fannie Mae and rent their home at market rates.

Homeowners must sign their deed over to the lender and be released from any second mortgages. The rental rate can be no more than 31 percent of their gross income.

Leases can be up to 12 months long, and borrowers can extend them month-to-month after that.

The program is designed to keep families in their homes and cut criminal defacement of vacant homes.

Read additional info here.

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