Homeowners facing foreclosure may have another option if a loan modification or short sale is not a viable option.  Some servicers have rolled out a deed for lease program.  This is where a homeowner signs their house over to the bank (deed-in-lieu) and simultaneously agrees to rent back their property from the bank.   Below are some guidelines:

• Occupants rental payment cannot be more than 31% of gross incom
• Rent will be fair market rent
• Occupants must keep property in good condition
• Occupant maintains property and permits marketing property for sale
• Occupants agree to credit review and background check
• Property must be maintained as primary residence

For more information on the Maryland Deed for Lease program contact your lender and ask if they participate or view this link https://www.efanniemae.com/sf/servicing/d4l/

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure by 2011.