Are you struggling with your  mortgage payments, facing foreclosure,  feeling frustrated and overwhelmed?  There have been a lot of ways to avoid foreclosure of your property, however, there are some new programs that Fannie Mae is proposing that may be welcome news to the many people facing foreclosure. The new program would enable home owners to remain in their houses and rent it back. Instead of the property languishing on the market and homeowners trying to find a place to live, they will be able to stay in their homes. This process is known as deed in lieu, of foreclosure. This means that the lender will own the property but  will rent it back to the homeowner.

In the 1970′s, England faced a similar wave of foreclosures. They were able to climb out of the foreclosure pit, and, still have some income from property owners who faced catastrophic situations, by leasing the property back.

There are websites to visit to find out more about this program, one of them is, knowyouroptions.com., which will give you information about Fannie Mae loans and available programs.

While there are many sites that offer help, there are also many scam artists preying on the public.

Here are a few hints that should be a red  flag that you are not dealing with a reputable person who is truly looking out for his clients best interest.   Anyone who requires any type of prepayment, and promises immediate relief.  Anyone who suggests that you redirect your mortgage payments to them, instead of making them to the mortgage company.   Anyone who suggests you sign over the title of your property to them. Any one guaranteeing a loan modification.

Don’t be one of the many who in desperation fall victim to the unscrupulous!

Posted on Wednesday, February 23rd, 2011 at 10:51 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.