Servicing Guide

Published September 9, 2020

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What are the servicer requirements for evaluating a borrower for a mortgage release for a delinquent second lien mortgage loan?

A second lien mortgage loan may be considered for a Mortgage Release (deed-in-lieu of foreclosure) if the loan is seriously delinquent.

The servicer must...
 

Coordinate with the first lien mortgage loan servicer regarding any proposed action related to the acceptance of a Mortgage Release to determine the following:

  • status of the first lien mortgage loan,

  • intentions of the first lien mortgage loan servicer, and

  • possibility of a mutually arranged disposition.

 

Order an Owner and Encumbrance Report to ensure that there are no other outstanding liens.

For more information please see: D2-3.4-02: Offering a Modification Release (Deed-in Lieu of Foreclosure) for a Second Lien Mortgage Loan

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