Cleveland Real Estate News

Kelly Evans covers this in the Wall Street Journal here. If someone forecloses on a Fannie Mae loan, their renters may soon be happier. Fannie Mae is finalizing a National policy that will cease displacement of tenants in foreclosed homes. This is due to a case brought in Connecticut. Fannie Mae was required, when it got it’s Federal rescue, to ensure that evictions would not happen during the Holidays, for one thing. Fannie Mae was not following this policy. So Connecticut legal aid got involved.  Now, Fannie Mae will not only stop evictions during the rest of the holidays but they will keep this policy in place until a new one is written.

I’m sure you have to stay current on your rents to make this happen (regardless of your landlord’s foreclosure). I’ll do a more thorough update when the new policy is finalized.   Peace Out – 3C