Fannie Mae program to keep troubled homeowners in their house

November 6, 6:14 PMDallas Small Business ExaminerWray Rives

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Fannie Mae has announced a new program to allow homeowners facing foreclosure to stay in their house under it's "Deed for Lease" program.  The program is aimed at homeowners who are facing foreclosure on their home and do not qualify for a loan modification.  The homeowners would convert to paying market rates to lease their home which in many cases would be less than the mortgage payments.

Fannie Mae hopes the program will help keep people in their houses and keep from putting more houses on the already saturated real estate market.  In the first half of 2009 Fannie Mae acquired over 50,000 properties through foreclosure.  Unlike a similar program at Freddie Mac, the homes in the Fannie Mae program would not be listed for sale.

You can find more information at Fannie Mae's website.