1. Short title This Act may be cited as the Keeping Families Home Act of 2017 . 2. Deed-for-lease program (a) Establishment (1) In general Each servicer shall establish a deed-for-lease program (hereinafter referred to as the Program ), which shall permit an eligible mortgagor to— (A) enter into a deed in lieu of foreclosure agreement; (B) continue to occupy and lease the property that is the subject of such agreement for a 1-year period that begins on the date of such agreement; and (C) have a right of first refusal to purchase such property after the end of the 1-year lease period, if the owner of the property intends to sell the property at that time. (2) Exception for small servicers The Program requirement under paragraph (1) shall not apply to a small servicer, as such term is defined by the Secretary of Housing and Urban Development. (b) Notice requirement Servicers shall provide each eligible mortgagor with information about the Program and how to apply to participate in the Program. (c) Lease terms A lease entered into by an eligible mortgagor under the Program shall— (1) carry a monthly rent amount equal to the fair market rent for such property, as determined by an independent private appraiser hired by and paid by the servicer; and (2) contain all typical lease provisions for similar rental property. (d) Application process (1) In general An eligible mortgagor may apply for the Program at any time. (2) Effect of foreclosure sale If there is a foreclosure sale pending with respect to the property— (A) the eligible mortgagor may only apply for the Program before the date that is 7 days before the date of such foreclosure sale