Washington, Nov 7 (THAINDIAN NEWS) Government controlled U.S. mortgage finance company Fannie Mae announced on Thursday about their unique rental program which is aimed at helping homeowners who can’t pay back their loans. The program aims at turning struggling homeowners into renters in their own very homes.

The special “Deed for Lease” program will allow financially struggling homeowners to transfer the house in title to Fannie Mae and then subsequently sign a one-year contract with them. The contract can be further extended too.

“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”


“It shows that you put your best effort to work out a solution,” said Gabe del Rio, director of homeownership at Community Housing Works of San Diego. Fannie Mae executives said that, “the rental program is designed to help delinquent homeowners who don’t qualify for a loan modification, but still want to stay in their homes”.