If a mortgage assistance fund program provider notifies the servicer that a borrower has been approved for mortgage assistance and the servicer believes the funds will fully reinstate the mortgage loan, the servicer is authorized to postpone foreclosure actions for 45 days.
The servicer may extend the suspension of foreclosure actions beyond 45 days, as necessary, to facilitate the processing of the mortgage assistance, provided that
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it continues to validate with the mortgage assistance fund program provider that the borrower’s status has not changed,
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the action is in compliance with its agreement with the mortgage assistance fund program provider, and
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it obtains Fannie Mae’s prior approval for any suspension beyond 60 days.
For additional information, see E-3.4-01, Suspending Foreclosure Proceedings for Workout Negotiations and D2-3.1-05, Interacting with Mortgage Assistance Fund Program Providers.
Related Announcements
The following table provides references to Announcements that are related to this topic.
| Announcements | Issue Date |
|---|---|
| Announcement SVC-2021-04 | July 14, 2021 |