The Deed-For-Lease™ option is a program from Fannie Mae that allows you to lease your home after you have transferred the title to your property to the mortgage company (commonly called a Deed-in-Lieu of Foreclosure). The lease terms are up to 12 months (with the possibility to extend longer). And the monthly rent is based on the current rental rates for your area—not on your original mortgage payment.

Deed-for-Lease is an alternative to foreclosure and may be an option if:

You are ineligible to refinance or modify your mortgage

You are facing a long-term hardship

You are several months behind on your mortgage payments

You may owe more on your home than it’s worth

You have not been able to sell your home

You want to remain in your home and neighborhood

Eliminate or reduce your remaining mortgage debt

Resolve your delinquency and avoid foreclosure

Stay in your home and neighborhood—no need to move or relocate

Lease at current market rate rent for up to 12 months with a possible option to extend the term

Pay no security deposit

Assistance for relocation may be available at the end of your lease

Start repairing your credit sooner than if you went through a foreclosure

If your loan is eligible for Deed-for-Lease,

You will sign a lease agreement (if you qualify for the program)

You will sign a Deed-in-Lieu of Foreclosure (DIL) to transfer title to the property to Fannie Mae

Your lease becomes effective once the DIL is complete/accepted by Fannie Mae

You will remain in the property according to the lease terms paying monthly rent

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