The New York Times recently posted this article about CitiMortgage testing out a deed in lieu of foreclosure program in New Jersey, Texas, Florida, Illinois, Michigan, and Ohio. According to the article, this new program “is similar to one announced last fall by Fannie Mae, the government-controlled mortgage company. Fannie is allowing homeowners to return the deed to their properties, then rent them back at market rates.”
Although the program is not yet available in Minnesota, I am glad to see that more options are being made available to distressed homeowners.