The following is an excerpt from an article written by Kelly Evans on the Wall Street Journal Website. The entire article can be found at: http://online.wsj.com/article/SB122929716434005201.html.
"Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure -- a landmark decision for tenants.
The policy will be in effect Jan. 9, Fannie Mae said Sunday, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect...
Freddie Mac hasn't announced a similar policy reversal, though a spokesperson said they are "currently evaluating additional actions."
The decision by the government-backed mortgage giants represents just a slice of the market and excludes many properties purchased with riskier loans that are now falling into foreclosure. Fannie Mae and Freddie Mac, however, are uniquely structured to be able to address the issue, which effectively now has them acting as a type of landlord or property-management company to administer month-to-month leases to renters of their foreclosed properties."
To read this entire article, go to: http://online.wsj.com/article/SB122929716434005201.html.
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I AM LIVING AS A RENTER IN A HOME THAT WAS FORECLOSED ON TWO DAYS AGO. I HAVE BEEN AN EXCELLENT TENANT AND WHEN MY LANDLORD COULD NOT DO THE REPAIRS I DID. I WROTE THE COURT AND ATTENDED ALL THE HEARINGS. IS THERE ANYTHING I CAN DO TO PREVENT ANOTHER HOME FROM FALLING INTO DECAY IN MY NEIGHBORHOOD? I LOVE THIS HOME AND WOULD LIKE TO STAY. I HAVE POOR CREDIT FROM A LONG DIVORCE BUT HAVE PUT MYSELF BACK TOGETHER. THANK YOU RESPECTFULLY TRACEY
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