Mortgage finance giant Freddie Mac recently announced they will allow some home owners to rent back homes they have lost to foreclosure for up to a year directly from Freddie Mac if they can prove they have the ability to pay the market rent for the home and all utilities.
The goal with the new program is to prevent homes form becoming vacant and fall into disrepair. In the past vacant foreclosed homes have cost Freddie Mac and Fannie Mae millions of dollars in repair costs.
Freddie Mac has also announced they will allow tenants to remain in their homes even if their landlords have lost their homes to foreclosure. Freddie Mac currently has approximately 8,500 homes in the foreclosure process, many of which are vacant.
By keeping foreclosed homes occupied and in good repair Freddie Mac hopes to support local property values that would otherwise weaken if the homes were left vacant and unattended for months.
Freddie Mac also announced that if home owners that rent back from them have a good track record in terms of rent payments and upkeep of the homes they will consider reinstating the home owners if they can prove they have the ability to handle reinstatement terms.
If you are facing foreclosure and don’t look forward to moving, especially in the coming winter months check with your loan company and ask them about this new program recently announced by Freddie Mac. It may just be the opportunity you or a family member or friend needs to get back on track.
Have questions for me? Feel free to call me anytime at 208-880-2333.
Tags: Boise Foreclosures, Boise Homes for Sale, Boise ID Real Estate, homes in boise, Idaho Real Estate
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