If you are facing foreclosure and about to lose your house, would you consider renting it back from the lender to stay there?

Now you might be able to. Both Fannie Mae and Freddie Mac have started programs that allow homeowners to stay in the house. Fannie's program, announced this week, allows qualifying homeowners to lease back the house for up to a year, with the possibility of month-to-month leases after that.

Freddie's program, unveiled in January, enables some families to rent the house on a month-to-month basis.

The objective is to ease the trauma of foreclosure and not force families to move. In many cases, the lease or rental agreement transfers to the new owner if the house is sold - although Fannie Mae says it won't list the house for sale during the one-year lease period.

Fannie's program is available to borrowers who don't qualify or haven't been able to sustain a loan modification.

Fannie didn't say how many people will qualify for the program, but roughly two-thirds of homeowners offered rental contracts under Freddie Mac have taken them, according to the Wall Street Journal.