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Mortgage Borrowers May Get Rental Option

July 19, 2009

Homeowners delinquent in mortgage payments may one day be granted the option to rent their home to avoid eviction.

Press Release Service – Wired PR News – Homeowners who fall behind on their mortgage payments may one day be given a viable option for keeping their home rather than being forced into eviction. As reported by Reuters, sources have stated that U.S. officials are considering a plan to allow homeowners to rent their home if they’ve become steadily delinquent in loan payments so that they may continue to live at their residence without worrying about eviction.

A spokesperson for the U.S. Treasury is quoted in the report as stating of the issue, “we are constantly reviewing new ways to help struggling homeowners and stabilize the housing market. This is just one idea among many that has been considered, but no decisions are imminent on the matter.”

National Community Reinvestment Coalition President John Taylor is quoted by Reuters as stating of this type of rental program, “It could be a ‘win-win’ for the homeowner, the lender who has a troubled borrower and the non-profit.”

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