If your home was acquired by Freddie Mac as a result of a foreclosure, you will receive a letter entitled "You Have Options" that describes some options which may be available to you. If you are interested in pursuing any of the following options, please contact the listing broker and/or eviction attorney identified in the letter to discuss next steps.
Rent the Home While We Market the Property
Freddie Mac may offer you the opportunity to sign a month-to-month lease that will allow you remain in the home until the home is sold. Both you and the home must qualify for this opportunity. Eligible homes must be in good condition and meet all applicable health and safety building codes or can be brought into suitable condition within a reasonable amount of time and expense.
To qualify for the Freddie Mac Rental Program, you must:
- Demonstrate the ability to pay market rent on the home.
- Pass a background check.
- Sign a new month-to-month lease.
- Allow an inspector to enter and inspect the home.
- Cooperate with marketing activities. This includes allowing the home to be shown to prospective buyers and real estate agents, keeping the home clean and safe, and meeting state and local code requirements.
- Provide current utility statements.
The home will be inspected by a trusted business partner of Freddie Mac that will be responsible for preparing the lease, addressing your questions/concerns and discussing the eligibility criteria for the program in greater detail.
Cash-for-Keys: Financial Assistance to Help You Relocate
Freddie Mac may offer financial assistance to help you relocate to a new home. If you accept it, you must leave the home by a specified date in "broom-cleaned" condition and free of personal belongings or debris (interior and exterior). You must also comply with the other terms and conditions of the relocation assistance agreement.
Purchase The Home
You may be offered the opportunity to purchase the home, however the purchase price will depend on when the foreclosure occurred. If the home was foreclosed on prior to 11/25/2014, Freddie Mac may offer you the opportunity to purchase the home at its present fair market value, as determined by Freddie Mac. If the home was foreclosed on or after 11/25/2014, Freddie Mac may offer you the opportunity to purchase the homes for full outstanding debt and expenses.