Servicing Guide

Published September 9, 2020

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In what circumstances must the foreclosure proceedings be expedited on a first lien conventional mortgage loan?

Upon expiration of the breach letter, the servicer must expedite foreclosure proceedings to the greatest extent allowable under applicable law (and without exploring workout options) in the following circumstances, and provided the borrower is not eligible for relief from foreclosure in accordance with D2-3.4-01, Military Indulgence or any state law that similarly restricts the right to foreclose:

  • the property has been abandoned or vacated by the borrower and it is apparent the borrower does not intend to make the monthly payments;

  • the borrower was advised in writing of available workout options and his or her written response indicates a lack of interest in the mortgage loan obligation, or provides permission for the commencement of foreclosure proceedings; or

  • income from rental of the property is not being applied to the monthly mortgage loan payments and arrangements cannot be made to apply it.

For more information please see: E-3.2-02: Initiating Foreclosure Proceedings on a First Lien Conventional Mortgage

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