Servicing Guide

Published September 9, 2020

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How should a complete BRP that is received less than 15 days prior to the foreclosure sale date be handled?

The following table provides Fannie Mae requirements for suspending foreclosure proceedings for all mortgage loans when the complete BRP is received less than 15 days prior to the foreclosure sale date.

Complete BRP received less than 15 Days prior to the foreclosure sale date
Stage of Evaluation Requirements

The complete BRP has been received and is being evaluated

No delay in legal action is required. The servicer is encouraged, but not required, to conduct an expedited review of the complete BRP (and short sale purchase offer, if applicable).

A Notification and Evaluation Notice was sent to the borrower and a retention offer has been extended

The servicer must delay the foreclosure sale for up to 14 days to allow the borrower to respond.

Fannie Mae has approved a short sale purchase offer

The servicer must suspend the foreclosure sale to allow the short sale to close as permitted under state or local law.

If the servicer completed its review of the complete BRP, it must notify the borrower prior to the foreclosure sale as to the results of the review. If the servicer did not complete its review of the complete BRP, it must advise the borrower of its inability to review the package prior to the sale. Note: The servicer must not offer a Mortgage Release option during this time period.

For more information please see: E-3.4-01: Suspending Foreclosure Proceedings for Workout Negotiations 

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