Servicing Guide

Published November 10, 2020

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E-3.3-02: Certifying the Status of Workout Negotiations Prior to Foreclosure Sale (11/12/2014)

The servicer must complete an account review between 7 and 15 days prior to the scheduled foreclosure sale. The following table provides additional servicer guidelines related to the pre-sale certification.

If… Then the servicer must…

the servicer determines that all delinquency management requirements have been achieved and there is no workout offer either pending or accepted

send written certification to the law firm between 7 and 15 days prior to the foreclosure sale date indicating that the law firm must continue with the foreclosure sale.

a complete BRP was received and an offer for a retention option was extended to the borrower on or before the 7th day prior to the foreclosure sale, or an approved purchase offer for a short sale is scheduled to close

not issue a certification to the law firm and must make every effort to stop a scheduled foreclosure sale.

local jurisdictional requirements are such that the 7- to 15-day time frame prior to foreclosure sales needs to be extended in order to comply with jurisdictional requirements

allow additional time to complete the review and provide the certification to the law firm sooner.

The servicer must instruct the law firm to postpone the foreclosure sale if certification cannot be provided prior to the foreclosure sale date.

The servicer must work with the law firm to develop a process for receipt of the certification to prevent unnecessary delays. Delays in the foreclosure proceeding timelines resulting from cancellation of the foreclosure sale or from the servicer’s failure to provide timely certification to the law firm will subject the servicer to compensatory fees. See A1-4.2-02, Compensatory Fees for Delays in the Liquidation Process for additional information.

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