Fannie Mae has announced a Deed for Lease Program for homeowners facing foreclosure which will allow them to stay in their homes. You will be able to stay in your home if you sign a lease when you voluntary transfer of the property deed back to Fannie Mae. You simply execute a deed in lieu of foreclosure and then pay market rent to stay in your house.
Rent cannot be more than 31% your gross income. Leases can be up to 12 months with the possibility of term renewal or month-to-month extensions after that
period. If the property is sold, your lease would be assigned to the new buyer.
This exciting new program is designed for homeowners who do not qualify for a loan modification. In addition, the house must be your primary residence and any junior liens or second mortgages must be released.
If you have any questions about Bankruptcy in Michigan, call the law office of Michael J Shovan PLC right now at (877) 233-9389 and speak to an attorney who can answer your questions. Michael J Shovan PLC is a debt relief agency.
NOTICE: THIS POST IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE LEGAL ADVICE NOR WILL ANY EMAIL OR INTERNET BASED COMMUNICATION ESTABLISH AN ATTORNEY CLIENT RELATIONSHIP. ANY ATTORNEY CLIENT RELATIONSHIP WILL BE ESTABLISHED BY A WRITTEN AND SIGNED RETAINER AGREEMENT.
BECAUSE THE LAW IS CONSTANTLY CHANGING THIS INFORMATION MAY CHANGE. IF YOU NEED LEGAL ADVICE PLEASE CALL AN ATTORNEY AT MICHAEL J SHOVAN PLC AT (877) 233-9389.
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