Keeping Families Home Act of 2014 - Directs each mortgage servicer to establish a deed-for-lease program which shall permit an eligible mortgagor to:

• enter into a deed in lieu of foreclosure agreement;
• continue to occupy and lease the property that is the subject of the agreement for one year; and
• have a right of first refusal to purchase such property after the end of the one-year lease period, if the owner intends to sell the property at that time.

Exempts small servicers from such requirement.

Requires a lease to carry a monthly rent amount equal to the fair market rent for the property, as determined by an independent private appraiser hired by and paid by the servicer.