Friday, November 6, 2009

Foreclosure Trouble? Maybe You Can Rent From Fannie or Freddie

Fannie Mae announced that they have come up with a new plan for home owners threatened with foreclosure--if Fannie holds your mortgage. If you cannot keep up with your mortgage, you may be able to strike a deal to hand over ownership to the mortgage holder, and at least keep living in your house as a renter. This might be worth the while if you are terribly upside down on your mortgage--if you bought at the top of the housing bubble. To see if your mortgage is held by Fannie Mae, check this website.

A similar plan is available from its sister agency, Freddie Mac. To see if your mortgage is held there, check here. To get more information on the Freddie Mac program, check this page.

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