FNMA (Fannie Mae) announced a new program last week aimed at helping home owners stay in their homes. FNMA announced the D4L (deed for lease) program which may allow homeowners or renters to stay in their homes by signing a 12-month lease and turning the deed over to FNMA. Second liens need to be forgiven and the rent payments can't exceed more than 31% of the family's gross income. This program is designed for people who do not qualify for loan modification and are facing foreclosure.
How do you tell if your loan is owned by FNMA (Fannie Mae) or FHLMC (Freddie Mac)?
Check these sites:
http://loanlookup.fanniemae.com
https://ww3.freddiemac.com/corporate/
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