The servicer must see E-3.4-01, Suspending Foreclosure Proceedings for Workout Negotiations for the requirements for suspending foreclosure.
The servicer must ensure that the modified mortgage loan retains its first lien position and is fully enforceable in accordance with its terms.
Electronic documents, signatures and notarizations for Fannie Mae Flex Modifications are acceptable as long as the electronic record complies with Fannie Mae's requirements. See Selling Guide A2-4.1-03, Electronic Records, Signatures, and Transactions for Fannie Mae's requirements for electronic records.
The servicer must follow the procedures in Executing and Recording the Loan Modification Agreement and Adjusting the Mortgage Loan Account Post-Mortgage Loan Modification in F-1-28, Processing a Fannie Mae Flex Modification for preparing, executing, recording (Form 3179) and for adjusting the mortgage loan account upon completion of the mortgage loan modification. The servicer must also follow the procedures in Loan Modifications for an eMortgage in F-1-27, Servicing eMortgages for additional requirements when the modified mortgage loan is an eMortgage.
For more information please see: D2-3.2-07: Fannie Mae Flex Modification.