Fannie Mae has announced it’s Deed For Lease Program (D4L) that can help those who are having their homes foreclosed remain in their homes 
for up to 12 months after foreclosure. The program is designed to allow qualified families to remain in their homes, under lease, for up to one year, after executing a DIL (Deed in Lieu of Foreclosure) property transfer. Children can now finish the school year with their friends, parents can stabilize their employment or credit situations, and, the borrowers can establish a rent/lease payment history.
Deed-in-lieu of foreclosure simply means means that the owner(s) gives the title to the home to the lender without going through either a short sale or foreclosure process. One of the advantages of DIL is that this process sometimes has a smaller negative impact on the borrower’s credit rating than a foreclosure.
If you are “underwater” on your home and finding it hard to meet your payments, you may want to talk with your lender about loan modification, and/or D4L and determine which may be best for your circumstance. Details of the D4L program can be found here on the Fannie Mae website. If you are anticipating any problems in the future, you may want to talk to a real estate agent about getting your home sold as quickly and at the best price possible in today’s market.
If you are interested in buying or selling real estate in and around Athens, GA please call me at 706-207-5290. To search for properties in Athens and N.E. Georgia, please visit my website, The Athens Real Estate Page.
