Freddie Mac Offering Foreclosures Back to Owners

Carlsbad, CA–This is a program that makes a world of sense for San Diego real estate foreclosures.

Freddie Mac, even after foreclosing on a home, now offers the former homeowner the chance to either lease the home–or  buy it back as long as the occupant is employed and not engaged in a bankruptcy.

This keeps the home occupied by someone vested in the property, helps preserve neighborhood values and will likely flush the natonal foreclosure problems much more quickly. And it’s also pretty cool that some San Diego homeowners get to stay in their homes without the disruptions that go with moving.

Freddie Mac gets it.

Freddie Mac hire representatives to contact owners of foreclosed homes to see if they would like to remain–and possibly refinance into something more affordable. And this is done before the foreclosure deed is recorded. There is now a window of opportunity for homeowners to remain in their homes without the embarrassment of tacky foreclosure signs in the yard–and the pain of moving. We’ve known about their leaseback offer:

Finally, in those cases where foreclosure proves unavoidable, Freddie Mac still works to keep families in their homes. We have suspended evictions triggered by foreclosures, offering qualified former owner-occupants and tenants leases so they can rent the properties on a month-to-month basis after foreclosure.

We now hear from good sources that Freddie Mac is also offering some owners of San Diego foreclosures the opportunity to refinance their homes after the foreclosure– before the foreclosure deed is recorded.

Kudos to Freddie Mac!

–Roberta Murphy