The servicer must ask the law firm to confirm that the security instrument includes an assignment of rents provision when it refers a bankruptcy case that involves an investment property. If an assignment of rents provision is included, the servicer must ensure the law firm files a Motion for Sequestration of Rental Income to prohibit the borrower from using any rental income without the bankruptcy court’s permission.
- Doing Business with Fannie Mae
- Escrow, Taxes, Assessments, and Insurance
- Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting
- Providing Solutions to a Borrower
- Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties
- Servicing Guide Procedures, Exhibits, Quick Reference Materials, and Change Control Log