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Fannie Mae Allows Renters to Stay in Foreclosed Homes

A recent announcement from the state sponsored mortgage giant Fannie Mae that the qualified renters of foreclosed properties can stay in their homes has brought some piece of solace to the bereaved homeowners in the US. The announcement is in accordance with the National Real Estate Owned Rental Policy, which has provision for a new monthly lease at market-rate rent or financial aid in case of their relocation. To avail the benefits of the provision, the properties are required to be adhering the building and safety codes of local and state governing bodies. Furthermore, property management commpanies and real estate practitioners will be hired by Fannie Mae for the management of such properties till they are sold.

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