11.5.2009
1
November 4, 2009
Deed-for-LeaseTM
Instructions for Borrowers
These instructions are intended for borrowers who may be eligible for a Deed-in-Lieu of Foreclosure (DIL) and
are considering a Deed-for-Lease with Fannie Mae.
You may be eligible to lease your property following a DIL.1 Additionally, if you have tenants in the property,
they may be considered for a continuing lease.
Once the lease consideration process is initiated with your mortgage servicer, your cooperation is critical in
order to obtain a lease decision within 10 business days. The lease consideration process is independent of
the DIL process and shall be considered initiated when you agree to be referred to a third-party property
management firm (property manager).
This instruction sheet provides an overview of the lease process.
Lease Process Initiation
The servicer sends your property address and contact information to a property manager. The
property manager is responsible for determining if the property and its occupants meet the eligibility
criteria for a lease under the Deed for Lease program.
The property manager contacts you within three business days of receiving your information to
collect the information necessary to qualify you or your tenant for a lease and to set up an
appointment to view the property. It is very important that you respond promptly to the
property manager.
– A $75 non-refundable lease application fee per occupied unit, payable to the property manager, is
required.
–
If the property manager has not contacted you within three business days, please call 1-800-732-6643.
–
If a tenant occupies the property and he or she is interested in entering into a lease with Fannie Mae,
provide the property manager a copy of the current lease (if written) and facilitate contact between the
tenant and the property manager.
If the property manager is unable to make contact with you within five business days of obtaining
the referral, he or she will assume you are not