Friday, March 6, 2009

Freddie Mac To Offer Month-To-Month Leases?

Freddie Mac announced it has extended its moratorium on foreclosure-related evictions to April 1. At the same time, Freddie Mac launched a program yesterday, announced in January, that allows owners facing eviction to remain in their homes as renters. The company says it started contacting at-risk homeowners yesterday about the rental program to offer them a month-to-month lease. Rent will be based on prevailing local market rates, and homes must meet local property codes. It's unclear how many homeowners would qualify, however. Freddie Mac has 8,500 properties facing foreclosure but many are already vacant. Freddie Mac's HomeSteps ( real estate unit will handle the details, and foreclosed owners who opt to stay and rent must allow potential buyers to view the property.

Source: Florida Association of Realtors

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