Servicing Guide

Published June 10, 2020

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 are the requirements for properly managing and servicing a Chapter 11 Bankruptcy involving a delinquent mortgage loan?

In all cases in which the borrower is contractually delinquent, the servicer must discuss with the law firm whether it is practical to file a Motion for Relief, a Motion for Adequate Protection Payments, and/or a Motion for Sequestration of Rental Income (if the property is being rented). The following table provides the servicer with additional directions for the proper management and servicing of a Chapter 11 bankruptcy that involves a delinquent mortgage loan.

If… Then the servicer must…

there is proof that the borrower has no equity in the security property and the property is not necessary for the borrower’s reorganization

direct the law firm to request relief from the automatic stay.

the mortgage loan is released from bankruptcy without an Order of Confirmation being issued

  • examine the possibility of arranging a workout option,

  • immediately send any required breach letter to the borrower, and

  • refer the mortgage loan to a law firm to initiate or resume foreclosure proceedings.

For more information please see: E-2.2-02: Managing Chapter 11 Bankruptcies

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