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JupiterJoe™
RENTERS LEASE FROM BANKS!
OWNERS LEASE BACK YOUR PROPERTY!
New Program: 11/5/09 Fannie Mae Deed For Lease (D4L)
LEASE: JupiterJoe Knows D4L™ - 11/5/09 - Fannie Mae is introducing the Deed-for-Lease Program (D4L), a program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization. D4L allows qualifying borrowers of properties transferred through deed-in-lieu of foreclosure (DIL) to remain in their home and community by executing a lease of up to 12 months in conjunction with a DIL. Investment properties that are tenant-occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L. (More Fannie Mae Info) (Deed for Lease™ (D4L) – Frequently Asked Questions)
1. Qualify - $75 Refundable App Fee
2. Qualify - occupant of the property must have the ability to pay market rent (not to exceed 31 percent of his or her monthly gross income)
3. Docs:
Application
New Fannie Mae Form 187 Lease (188 Cancelation form)
DIL (Deed in Lieu of Foreclosure)
If borrower is eligible for a DIL (as determined by the servicer), the servicer should notify Fannie Mae if the borrower may also be eligible for the D4L program based on an initial screen of predetermined eligibility criteria.
Fannie Mae, or its designee, will take the steps necessary to further verify the property and borrower eligibility, determine the rental rate, and, if appropriate, execute the lease agreement.
The D4L agreement will be contingent on successful completion of the DIL.
Just eMail JupiterJoe™
Toll Free: 800-227-0595
Office: 561-743-0999
Cell: 561-254-6862
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