Servicing Guide

Published November 10, 2020

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What specific information must be included in the bankruptcy referral package?

The following table lists the documentation required specifically for bankruptcy referral packages.

Documentation required for the bankruptcy referral package
 

All legal documents the law firm needs to conduct the bankruptcy proceedings.

 

All necessary information about the status of

  • the property,

  • the borrower,

  • the mortgage loan, and

  • the bankruptcy filing.

 

Any relevant information on the current and any prior bankruptcy filings, such as plans, pleadings, schedules, and proofs of claims involving the borrower or the subject property.

 

Information related to any potential workout options.

 

The mortgage loan collection history.

 

Any current or previous foreclosure status information.

 

All information the servicer has regarding the value of the security property, if applicable.

The servicer must check its records for the mortgage loan carefully to determine whether the borrower has filed for bankruptcy previously. If the records reflect other bankruptcy filings, the servicer must mark the referral package it sends to the bankruptcy attorney as “repeat filer” or “possible bankruptcy abuse” and ask the attorney to confirm whether the borrower’s filing is considered “abusive.” See also E-2.3-01, Identifying Abusive Filers for additional information.

For more information please see: E-1.1-02: Required Referral Documents.

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