Servicing Guide

The Servicing Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Servicing Guide in PDF format.

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What is the timeframe for completing a Chapter 7 bankruptcy case for a mortgage loan that was 60 or more days delinquent when the borrower filed bankruptcy?

The time frame for completing a Chapter 7 bankruptcy case for a mortgage loan that was 60 or more days delinquent (or in foreclosure)when the borrower filed bankruptcy is two months and two weeks from the date of the bankruptcy filing.

For more information please see: E-2.2-01: Managing Chapter 7 Bankruptcies

Related Articles

How does Fannie Mae define a case completion for a chapter 7 bankruptcy?

Case completion for a Chapter 7 bankruptcy proceeding is defined as the termination of the automatic stay, the case being dismissed or closed, or when the...

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What are the requirements for managing a chapter 7 bankruptcy for a current mortgage loan?

The servicer must closely monitor the payment status of the mortgage loan and, if it becomes 60 days delinquent, refer it to a law firm within two weeks...

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What are the requirements for managing a chapter 7 bankruptcy for a delinquent mortgage loan?

The servicer must abide by the requirements shown in the following table when servicing a delinquent mortgage loan involved in a Chapter 7 bankruptcy...

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What should be done if a delinquent borrower decides to surrender their property after filing for a chapter 7 bankruptcy?

If the borrower intends to surrender the security property, the servicer must attempt to obtain relief from the automatic stay by requesting a court order...

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What should be done if a delinquent borrower decides to retain possession of their property after filing for a chapter 7 bankruptcy?

If the borrower intends to retain possession of the security property, the servicer must pursue a workout option. For more information please see: E-2.2-01...

Read more

What actions must be completed once the automatic stay is terminated or dismissed for a Chapter 7 bankruptcy on a delinquent mortgage loan?

Once the automatic stay is terminated, or the case is dismissed or discharged with a trustee abandonment of the property, the servicer must immediately...

Read more

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