Freddie Mac launched an initiative to allow qualified tenants and former owners to rent bank-owned properties after foreclosure.  They will continue to suspend evictions until April 1, 2009 to ensure there is ample time for current occupants to learn about the options available to them under the new initiative.

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 in which the home is located. Occupants must agree to allow the home to be shown to potential buyers as it will be marketed for sale during the lease period.

Additionally the home must be in safe, habitable condition and meet all local codes for rental properties to qualify.

This entry was posted on Thursday, March 5th, 2009 at 6:43 am and is filed under Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.