We were recently thrilled to discover a new green blog that covers everything from eco-couture to sustainable building. EcoNewsNetwork.org knows we recognize the importance of buying sustainably and taking care of the Earth. They seem to understand that we go green when we can and have the desire to be greener and gentler, but sometimes just need more guidance to propel us on our way.
That's why they arm us with small bursts of info and cool products and advice so we can start living more responsibly in steps large or small.
The best part: The editors of EcoNewsNetwork.org are going to blog for us this week as they visit GreenBuild, an international conference discussing the advancement of cost-effective, energy-efficient, water-saving green buildings. Check back here to find out what they learn.
In the meantime, we suggest becoming a fan of the Eco News Network through Facebook, Twitter, or subscribing to their RSS feed. Hope you find it as eco-fabulous as we did.
Homeowners staring down the barrel of the foreclosure gun now have a stay of execution option that will keep them in their homes. Fannie Mae's recently announced Deed for Lease Program™ permits homeowners facing foreclosure to sign a lease to stay in their home in exchange for...the deed to their home. What was it they said about "desperate times?"
The program is aimed at those homeowners who don't qualify for a loan modification or other loan-workout solutions. In order to qualify, the home must be a primary residence, the borrower must be released from any subordinate liens, and the new market rental rate cannot exceed 31% of the borrower's income.
Leases created under the program are up to 12 months, with the possibility of a term renewal or a month-to-month extension after that.
After a little digging on FM's B2B sister website, efanniemae.com, I learned that once the deed has been turned over and the lease signed, Fannie Mae (the deed holder) reserves the right to market the property, even as the ex-homeowners are residing in their ex-home.
A call into Fannie Mae yielded little else in the way of specifics on the Deed for Lease™ (or D4L, as they call it) as the program is so new. While I'm not overly excited about the idea of exchanging a deed for a monthly rent, I suppose it beats getting snookered by a Loan Modification Scam or some other hoodwinkery.