Yesterday, Fannie Mae announced that it would allow existing tenants to remain in foreclosed properties owned by the company. In many states, when a home goes into foreclosure the tenant may be immediately evicted, even though they have a lease and their rent is paid on time.
Fannie Mae will now offer renters in foreclosed properties month-to-month leases until the property is resold. “While it may be sometimes tougher for us to sell a property when people are in it, we understand that lots of people are in tough situations right now,” said Chuck Greener, a Fannie Mae spokesman. “If a renter wants to stay in their home, we’ll make that happen. And if they want to move out, in many cases we’ll help them pay for the move.”
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