text size: A A A

Editorial: A way to stay

Sunday, November 15, 2009 3:00 AM | Printer friendly version | E-mail to a friend |

A way to stay

Foreclosure can apply to any kind of property, but most people associate the term with the loss of a home. Fannie Mae has come up with a way foreclosed homeowners can stay in their houses — if they're willing to lease.

Fannie Mae's Deed for Lease Program will allow people to lease their foreclosed properties back for up to a year at market rates. That's a good step all around, since lenders have huge inventories of foreclosed homes already. This might also help stabilize some neighborhoods.

Still, if you think you might be headed for foreclosure, don't count on a lease, and please don't wait until the first foreclosure notice arrives to seek help. Most banks and mortgage companies are doing loan modifications, but the process takes four or five months, according to Lou Adkins of Salisbury Community Development Corp. She advises anyone who is behind on house payments to call her at 704-638-2154 or Robbie Stevens at 704-638-5383. The agency has been working with 75 to 100 people a month; they are there to help.

If you would like to subscribe to the Salisbury Post, click here.

Comments

Notice about comments:

Salisburypost.com is pleased to offer readers the ability to comment on stories. We expect our readers to engage in lively, yet civil discourse. Salisburypost.com cannot promise that readers will not occasionally find offensive or inaccurate comments posted in the comments area. Responsibility for the statements posted lies with the person submitting the comment, not Salisburypost.com. If you find a comment that is objectionable, please click "report abuse" and we will review it for possible removal. Please be reminded, however, that in accordance with our Terms of Use and federal law, we are under no obligation to remove any third party comments posted on our website.
DO NOT POST:
* Potentially libelous statements or damaging innuendo.
* Obscene, explicit, or racist language.
* Personal attacks, insults or threats.
* The use of another person's real name to disguise your identity.
* Comments unrelated to the story.
Full terms and conditions can be read here

Salisbury Post is proud to offer our users enhanced commenting features. You can now build user-to-user connections, follow friend's recent posts, add an avatar that fits your personality, and more.