Rent Instead of Foreclose

November 9, 2009 9:08:35 AM PST
Thousands on the verge of foreclosure will soon have the option of renting their homes from government-controlled Fannie Mae.

VIDEO: Nydia Han's latest Consumer Wrap report

Through the "Deed for Lease" program, borrowers will be able to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

To qualify, they must live in the home as their primary residence and prove they can afford the market rent.

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