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 ó 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.