Fannie Unveils Its "No Boot" Policy For Eligible Tenants In Foreclosed Homes; Renters To Choose Either Month-To-Month Lease Or "Cash For Keys"

In Washington, D.C.:

• Fannie Mae [Tuesday] announced the establishment of a new National Real Estate Owned (REO) Rental Policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes.

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• The new policy applies to renters occupying foreclosed properties at the time Fannie Mae acquires the property. Renters occupying any type of single-family property will be eligible including residents of two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property.

For the Fannie Mae press release, see Fannie Mae Announces National REO Rental Policy (Renters in Fannie Mae-Owned Foreclosed PropertiesEligible to Stay in Their Homes).

Go here for Fannie's National Real Estate Owned Rental Policy Frequently Asked Questions.