Servicing Guide

Published November 10, 2020

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What must be done regarding any suspension or reduction of the foreclosure sale redemption period for a servicemember under SCRA?

The servicer must abide by any suspension of the redemption period as required by SCRA. The following table provides additional Fannie Mae requirements applicable to the suspension period. 

The servicer must...
 

Permit the servicemember's dependents to continue living in the property and paying a reasonable rent, if they were residing in the property at the time of foreclosure sale.

 

Notify Fannie Mae's SF CPM division (see F-4-03, List of Contacts) about the suspension of the redemption period until after the completion of the borrower's active duty so that Fannie Mae can adjust its marketing efforts for the property. Also see D2-3.4-01, Military Indulgence.

 

Whenever possible and economically feasible, petition the court or take any other legal actions necessary for a reduced redemption period if the property is vacant or abandoned in order to minimize expenses and delays.

For more information please see: E-3.3-06: Handling a Suspension or Reduction of the Redemption Period

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