Servicing Guide

Published September 9, 2020

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Are we required to perform any property maintenance functions on delinquent mortgage loans?

When a mortgage loan is delinquent including throughout the foreclosure process, the servicer must perform all property maintenance functions as necessary to ensure that the condition and appearance of the property are satisfactorily maintained.

The servicer must manage and protect the property until it is conveyed to the insurer or guarantor, or until Fannie Mae assigns that responsibility elsewhere, including when

  • a borrower selects an immediate move Mortgage Release and the REOgram is submitted to Fannie Mae, or

  • a borrower selects the three-month transition or twelve-month lease.

For more information please see: E-3.2-12: Performing Property Preservation During Foreclosure Proceedings

 

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Customers Recommend Ask Poli

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

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

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