Ann Arbor Sellers, Fannie Mae is offering a new Deed for Lease Program to homeowners in trouble with their mortgages.  If you live in Ann Arbor Area and are having difficulty making your mortgage payment and are about to go into foreclosure Fannie Mae announced a new D4L program. (deed for lease)

  • As a homeowner you must have tried to modify the loan and been denied
  • You give the house back to bank via deed- in- lieu of foreclosure
  • You will be allowed to rent back your home for 12 months
  • You must qualify to pay rent at the fair market value
  • You must not use more than 31% of your gross monthly income to rent back

I have read the announcement and there is nothing on here how it will effect your credit score.  In my opinion it still might be more beneficial to try to sell your home in a short sale. Fannie Mae has announced this new program to help with homes that are abandoned or vacant in neighborhoods.

More information is available on the Fannie Mae web-site with forms and instructions if you would like to pursue this Deed for Lease as an option.