Fannie Mae's 'Deed for Lease': Right for You?

No longer able to afford your mortgage payment? Thinking about walking away from your underwater house? Really, what you'd like is an affordable way to stay in your current residence until you find a better solution.

Then Fannie Mae's Deed-for-Lease program might be right for you.

The program was first announced in November 2009. Some have been denied access to the program because they have a second lien on their property. But with the new Home Affordable Foreclosure Alternative (HAFA) program, you may now be eligible.

HAFA offers incentives to servicers and second-lien holders to make a deed-in-lieu of foreclosure possible. If you have a Fannie Mae loan, and if you've been denied access in the past, it doesn't hurt to ask again.