Freddie Mac's Rental Plan for Victims of Foreclosure
Freddie Mac launched the REO Rental Initiative yesterday that gives qualified tenants and former owners the option to lease their foreclosed properties on a month-to-month basis.
In addition to the program, the troubled mortgage giant said all eviction actions will be suspended until April 1 so that current occupants have time to learn about the ways the new program could help them.
In order to be eligible for the month-to-month lease, the tenant or former owner must live at the property and show they have income to pay the rental rate established by a national property management company. Also, HomeSteps, Freddie Mac’s national real estate unit, will be allowed to show the home to potential buyers during the rental period, as it will be marketed for sale.
From the Freddie Mac announcement:
“Freddie Mac’s REO Rental Initiative can help ease a foreclosure’s impact by giving renters and former owners more time to determine what options are best for them and their families. At the same time, the REO Rental Initiative helps stabilize property values and local communities by keeping homes occupied and less vulnerable to vandalism,” said Ingrid Beckles, Senior Vice President, Default Asset Management.
For more information about the program, visit the Freddie Mac homepage here.
This article originally published at https://dc.urbanturf.com/articles/blog/freddie_macs_rental_plan_for_victims_of_foreclosure/623.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Plans for the development at a prominent DC intersection began nearly eight years ago... read »
The eight-bedroom, 35,000 square-foot home in McLean originally hit the market in 202... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro