Support for Renters who live in Foreclosing Homes

happy family renters

Renters in Fannie Mae-owned properties may be able to stay in their homes

Fannie Mae Tenant-in-Place Rental Policy

To help minimize disruption, eligible renters who want to stay in a home that has been foreclosed can sign a month-to-month lease if the property is owned by Fannie Mae. The policy, which applies to properties owned by Fannie Mae, will help bring stability to communities affected by high foreclosure rates.

Eligible renters will be offered a new month-to-month lease with Fannie Mae and Fannie Mae will manage the properties through a real estate broker or a property management company. Renters may also be eligible for financial assistance if they desire to relocate.

Program criteria highlights:

* To qualify, a renter must live in the property when it is acquired by Fannie Mae
* Any single-family property is eligible including two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing.
* The property must meet state laws and local code requirements for a rental property.
* Fannie Mae will not require security deposits.
* Under the Fannie Mae lease, the property may be marketed for sale and if sold the property would be transferred to the new owner subject to the lease
* Rental rates under the new leases will be comparable to other rents in the same market and subject to any legal rent control restrictions.

Click here for the Protecting Tenants at Foreclosure Act of 2009 (PTFA).

Another option to look at is Fannie Mae’s Deed-for-Lease program.

Source: Fannie Mae website


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One response to this post.

  1. your blog is very interesting, i like it

    Reply

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