Servicing Guide

Published September 9, 2020

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E-3.2-06: Conducting Borrower Outreach During Foreclosure (12/16/2015)

When a conventional mortgage loan exceeds the 210th day of delinquency, the servicer is authorized to continue outreach efforts and to work with the borrower to develop and finalize a workout option.

The following table provides the time frame within which the servicer must conclude outreach efforts.

If the secured property is located in a… Then the servicer’s solicitation efforts must conclude…

judicial state

60 days prior to foreclosure sale.

non-judicial state

30 days prior to foreclosure sale.

The servicer must continue to pursue workout options during the foreclosure process in accordance with Chapter D2-2, Requirements for Contacting a Borrower and Chapter D2-3, Fannie Mae’s Home Retention and Liquidation Workout Options.

The following table provides additional requirements for workout efforts during foreclosure.

The servicer must...
 

Keep the law firm advised about the status of relevant workout negotiations.

 

Consult with the law firm before entering into a written workout agreement with the borrower to ensure the foreclosure proceeding will not be impaired in the event it has to be resumed.

 

Notify the law firm within two business days after either

  • a workout arrangement has been agreed to, or

  • the mortgage loan is fully reinstated.

See E-3.4-01, Suspending Foreclosure Proceedings for Workout Negotiations for specific instructions related to servicer-initiated temporary suspension of foreclosure.

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