Comments on: Own to Rent: Breaking Down Fannie Mae’s Deed for Lease Program

By: Thewayitis123

Thewayitis123 — Fri, 22 Jul 2011 21:46:00 +0000

Doris: I’ve found a situation where the D4L tenant (foreclosed owner) is paying substantially less than fair market rent for the unit they are renting back from FNMA under a D4L agreement. Additionally, the new purchaser/owner must pay the D4L tenant relocation fees (anywhere from 7050.00 to 9600) to eviction him! Seems like a sweet deal for the defaulter and pretty costly for the new owner. How fair is this??

By: Lease a Car

Lease a Car — Thu, 21 Apr 2011 08:58:30 +0000

Good article and a good information well.
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Earl Nunes

By: Jorge

Jorge — Thu, 20 May 2010 17:38:29 +0000

Will this Deed for Lease Program allow my family to stay in our home indefinetly as long as we make payments?? Will this program save our home??? I am desperate and cannot loose our home, the bank has already told me we have no other way of saving it but fannie mae..what is the garauntee of this working for us? can I have a phone number or email contact to call so that the process can be explained to me . I am really confused

Thank you
George Gutierrez

By: Greg Guillen

Greg Guillen — Thu, 03 Dec 2009 08:56:13 +0000

It’s an interesting idea and I am glad they are trying to figure something out to ease the situation. However, the qualifications are so complicated and burdensome that people would rather not even try to jump through all of the hoops. When people let their homes go to foreclosure, it really isn’t too difficult to save a large amount of money for a security deposit…since they haven’t been paying their mortgage for 6-12 months they typically have tons of cash on hand and can pay a double deposit and qualify with reserves in the bank. I just don’t think people will want to go through all of the red tape.

By: Chris Thorman

Chris Thorman — Fri, 20 Nov 2009 21:49:11 +0000

@ doris

Interesting point. Thanks for the insider info.

By: Chris Thorman

Chris Thorman — Fri, 20 Nov 2009 21:48:32 +0000

@ Norman

Thanks for that info. I used Zilpy and HSH for all of the metro areas for consistency.

By: Chris Thorman

Chris Thorman — Fri, 20 Nov 2009 21:47:27 +0000

@ John Mark

Fannie Mae hasn’t made it clear what happens after the 12 months are up. They’ve left open the possibility of renting month to month though.

By: John Mark

John Mark — Fri, 20 Nov 2009 19:27:02 +0000

What happens after the 12 month lease is up? The renter who gave his home to Fannie Mae in the deed-in-lieu will not qualify for a new mortgage for at least 3 years because of the DIL.

By: Deborah Schultz

Deborah Schultz — Fri, 20 Nov 2009 19:17:06 +0000

How can investors bepart of this process. Could investors take over property management responsibilities? Could investors buy the property from Fannie Mae and become permanent owners? If homeowners manage to make good on their lease for a whole year, and have a better financial situation, can they turn their lease into a rent to own?

By: Norman Frenk

Norman Frenk — Fri, 20 Nov 2009 18:13:52 +0000

Can’t say about the other states, but Texas’s tax rate on R/E is 2%-4% of the value of the home, meaning that with taxes, insurance & Mtg. a $149,900 home mtg payment would probably be $1400/month (P.I.T.I) if buyer put minimum down.