Qualified renters occupying a Fannie Mae home at the time of foreclosure may be eligible for the Tenant-in-Place program. It allows you to continue to lease the home for a period of time, providing relief from the foreclosure process on the home, and giving you time to transition to new housing. Additionally, you may be eligible for financial assistance if/when you choose to relocate. The program offers two types of leases.
Sign a New Lease
Eligible renters who want to stay in a rental home that has been foreclosed and is owned by Fannie Mae may be offered a new lease. Fannie Mae lease options include month-to-month or term leases at market rate rent.
Keep Your Current Lease
According to federal law, certain tenants have the right to remain in the home under their current lease or tenancy. These tenants may also be eligible for financial assistance for relocation.
Fannie Mae will manage the property through a real estate broker or property management company.
- Renter must live in the property when Fannie Mae acquires it.
- Most single-family properties are eligible including two- to four-unit properties, condos, co-ops, single-family detached homes, and manufactured housing.
- Property may be marketed for sale (under the new lease) and renters must be willing to cooperate with showings of the home.
- Rental rates (under the new lease) will be comparable to other rents in the same market given the size and condition of the property, subject to any legal rent control restrictions.
If you are a renter in a Fannie Mae-owned property and the property has been foreclosed upon, you should have received the Fannie Mae Knowing Your Options document that explains potential options. Contact the property manager or broker listed to provide information about your lease or tenancy.