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Freddie Mac Launches New Rental Initiative To Lease Homes.(Managing REO)
McLean, VA-Freddie Mac has launched its new REO rental initiative giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.
The initiative will be managed by HomeSteps, Freddie Mac's national real estate unit, and implemented through several national property management firms. Freddie Mac will continue to suspend all eviction actions until April 1, 2009 to ensure there is ample time for occupants to learn about the options available to them.
Property management firms will begin the process of contacting occupants to determine their interest in staying in the home and their eligibility for a month-to-month lease. To qualify for a lease, the tenant or former owner must occupy the property and show they have adequate income to pay the monthly rental amount established by the property management company based on market rents for the area where the home is located.
"Freddie Mac's REO rental initiative can help ease a foreclosure's impact by giving renters and former owners more time to determine what options are best for them and their families," said Ingrid Beckles, senior vice president, default asset management at Freddie Mac. "At the same time, the ...
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