Servicing Guide

Published September 9, 2020

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How early can the mortgage loan be referred to foreclosure if the mortgage loan is not the borrower's primary residence?

If the servicer determines, in accordance with applicable law, that the property securing the mortgage loan is not, or is no longer the borrower’s principal residence, the servicer must refer the mortgage loan to foreclosure prior to the 121st day of delinquency as described below.

Depending on the outcome of the prereferral review for mortgage loans not secured by a principal residence, the mortgage loan must be referred to a law firm for foreclosure no later than the 120th day of delinquency, except in circumstances where the borrower submits a BRP shortly before the foreclosure referral. See E-3.2-01, Conducting Prereferral Review and E-3.2-04, Postponing Foreclosure Referral for Mortgage Loans Not Secured by a Principal Residence for additional information.

For more information please see: E-1.2-02: Timing of the Foreclosure Referral for Mortgage Loans Generally.  
 

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