It’s probably an understatement when I say that our economy & housing market are certainly ever-changing as of late.  Seems as if almost daily there’s a new program or shift in this crazy ride.

Last week Fannie Mae gave us a new program called “Deed for Lease“.

The program is designed for homeowners who are facing financial hardships, possible foreclosure of their home, and cannot qualify for a loan modification, short sale or other type of rescue plan.

In a nutshell, the program offers homeowners whom either occupy the residence or have tenants with leases in place to turn their deed back into the loan servicer in exchange for the opportunity to lease the property back for up to twelve months (at market value).  There are also terms for re-purchase of the home at the end of the lease.

So, is this a good thing?  Definitely could be.  There’s a lot of folks out there that are under-water in their homes, especially in Las Vegas.  With interest rates adjusting to higher percentages, unemployment levels at extreme highs and the likes, this could be a definite saving grace for many people.

But what about twelve months from now?  Are we just putting off the inevitable? In theory the program is a win-win. In the game of life, well- I sure hope theory wins out- because, as I’m sure just about everyone agrees, we need to work our way out of this mess- pronto…

To read more about the Deed for Lease program, click HERE.

As always, if you have any questions about the Deed for Lease program, selling or purchasing a home in the Las Vegas Valley, please give me a call-