Tuesday, February 10, 2009
Fannie Mae Announces REO Rental Policy
Qualified renters in Fannie Mae-owned foreclosed properties can stay in their homes under a national real estate owned (REO) rental policy the company released in mid-January. The policy applies to renters occupying a property at the time Fannie Mae acquires the foreclosure. Renters occupying any type of single-family property are eligible, including residents of two- to four-unit properties, condos, co-ops, single-family detached homes, and manufactured housing. Eligible renters are offered a new month-to-month lease with Fannie Mae or other assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code. For more info contact Jeff Lischer, 202/383-1117.