Servicing Guide

Published November 10, 2020

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What actions must be taken if the servicer identifies that a bankruptcy has been filed after the foreclosure sale date?

When the servicer earns after the foreclosure sale date that a borrower has filed for bankruptcy, regardless of the date of the bankruptcy filing, the servicer must submit the Bankruptcy Notification Template to Fannie Mae’s SF CPM division(see F-4-03, List of Contacts) within two business days.

The following table describes when the servicer is responsible for selecting and monitoring the law firm to handle a bankruptcy proceeding identified after a foreclosure sale.

If the bankruptcy is filed…

And...

Then the servicer…

after the foreclosure sale date

  • the filing is after any applicable redemption expiration or confirmation/ratification completion, or

  • there was no redemption period or confirmation/ratification

is not responsible for selecting and monitoring the law firm that will handle the post-foreclosure sale bankruptcy proceeding.

the filing is prior to redemption expiration or confirmation/ratification completion, as applicable

is not responsible for selecting and monitoring the law firm that will handle the post-foreclosure sale bankruptcy proceeding unless notified to do so by Fannie Mae.

on or before the foreclosure sale date

the servicer has submitted the REOgram to Fannie Mae

is responsible for selecting and monitoring the law firm that will handle the bankruptcy proceeding

  • if notified to do so by Fannie Mae, or

  • when Fannie Mae eliminates the REOgram as a result of the bankruptcy filing.

the servicer has not submitted the REOgram to Fannie Mae is responsible for selecting and monitoring the law firm that will handle the bankruptcy proceeding.

For more information please see: E-2.3-07: Responding to Bankruptcies Identified After Foreclosure Sale

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