Fannie, Freddie Help You Keep Your House

Posted on | January 30, 2009 | No Comments

This is not a career-related post.  But, since your career and your personal finances are inextricably tied, it’s relevant.

Fannie Mae and Freddie Mac announced they will extend the suspension of foreclosures and evictions through February 28, 2009 and offer more options to tenants and owner-occupants.

What This Means For Renters

• Renters can remain in their homes even if their landlords’ properties lose the properties to foreclosure.
• Renters will be allowed to rent the property on a month-to-month basis after foreclosure.
• Rental rates will be either market rate or the rate the renter paid prior to foreclosure, whichever is less.

What This Means for Former Owners or Owner-Occupants

• After foreclosure, former owners/owner-occupants will be allowed to rent the property on a month-to-month basis.
• Former owners/owner-occupants must pay market rent as determined by Freddie Mac’s property management contractor.
• Former owners/owner-occupants may qualify for loan modifications that will allow them to retain ownership of their homes.

To qualify, the property must be a Fannie or Freddie- owned single-family home that meets applicable building codes.  Tenants and former owner-occupants must be currently living in the property and be able to demonstrate they have adequate income to pay the monthly rental amount.

Freddie and Freddie are still finalizing the details of this program, which they’re calling the REO Rental Program.  But, you can find out if you qualify by contacting Fannie or Freddie.

Contact Fannie at 1-800-7-FANNIE

Contact Freddie online

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