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Freddie Mac allows borrowers to rent foreclosed properties

2009-01-30 17:55:19 (GMT) (Caymanmama.com - Real Estate News News)

Good news for borrowers whose house forecloses: Freddie Mac has announced that it is willing to let borrowers to rent their homes post foreclosure

Detroit, Michigan (CaymanMama.com) — Good news for borrowers whose house forecloses: Freddie Mac has announced that it is willing to let borrowers to rent their homes post foreclosure.

The policy, released on Friday, aims to prevent properties from being vacant so they succumb to disrepair.

The mortgage finance company also confirmed that it will let renters remain in their houses, even if the landlord enters foreclosure. The reason for this new policy is because the Virginia-based company has approximately 8,500 properties currently in the foreclosure process, many of which are vacant.

“Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market,” said Freddie Mac Chief Executive David Moffett.

According to the Associated Press, “Under Freddie Mac’s new policy, tenants and former property owners need to demonstrate that they have enough income to pay the rental bill. Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.”

Sister mortgage company Fannie Mae released a similar borrower rental plan for nearly 4,000 renters earlier this month.

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