If you’re renting a home that’s going through foreclosure, Fannie Mae announced that they a working on a program for you. In the near future, they will not force you to move out of the home even if the foreclosure completes and the person you’re renting the home from loses it.
According to Default Servicing News,
Tenants would qualify for such protection as long as they can continue to make their rental payments. The new policy essentially positions Fannie Mae as acting-landlord or?property management company that handles monthly leases for renters of its foreclosed properties. For tenants who would prefer not to enter into a lease with the government-sponsored enterprise (GSE), Fannie Mae said it would offer monetary support for their transition to a new residence as an alternative option.
As part of its year-end holiday foreclosure moratorium, Fannie Mae currently has a tenant eviction and foreclosure sale suspension in place through January 9, 2009. The new tenant policy will go into effect before that suspension period comes to an end, Fannie said. The goal of the suspension is to ensure that no renters are put out of their homes during this time frame, the GSE said in a statement to the press.
Remember, this program isn’t available yet, but it’s coming quickly. So don’t lose sleep…just contact Fannie Mae!
Tags: fannie mae, Foreclosure, landlord, rental home
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