How to Stop Foreclosure & Lease your House Back
- 1). Increase Your Chances of Lease Back Eligibility -
Even though you may have fallen 4, 6, or even 8 payments behind on your mortgage payments and you've already gotten the pre-foreclosure letter, still try to make one or two payments, even though you probably won't get caught up, it shows earnest effort and keeps the payments from getting behind any further; Doing this will help to increase your chances to lease your house back. - 2). Talk With Your Mortgage Company -
Inquire to find out if you are eligible for a Deed-for-Lease(D4L) program to rent back your home in lieu of foreclosing. Deed-for-Lease is a new Fannie Mae program that allows some homeowners facing foreclosure to stay in their homes by leasing it back. - 3). Ask Fannie Mae -
Speak directly with Fannie Mae regarding the DIL or D4L programs. There are certain criteria that must be met in order to be considered for the lease back program such as, loans must be conventional or Fannie Mae loans. While speaking with a Fannie Mae representative verify if your home loan is a Fannie Mae loan or if it is insured by FHA, VA, or another federal agency. If your loan is not with Fannie Mae, ask if there are any other options available for you to rent back your home.
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