Servicing Guide

Published September 9, 2020

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What actions must be taken when the proposed bankruptcy plan extends beyond the maturity date of the balloon mortgage?

For proposed plans that extend beyond the balloon maturity date, the servicer must ask the law firm to ensure any additional expenses that may accrue after the balloon maturity date are appropriately treated in the plan.

If a Chapter 13 reorganization plan involving a balloon mortgage loan is confirmed and it is later discovered that the balloon note would have matured during the life of the plan, the servicer must notify Fannie Mae’s Legal department (see F-4-03, List of Contacts).

See also Fannie Mae’s Balloon Mortgage Loan Servicing Manual for additional information.

For more information please see: E-2.3-05: Bankruptcies Involving Balloon Mortgage Loans.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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