Servicing Guide

Published October 14, 2020

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E-3.4-02: Canceling the Foreclosure Sale for a Completed Workout (04/10/2019)

The servicer must cancel the foreclosure sale once the borrower has successfully completed a workout option.

For a mortgage loan modification, the sale must not be cancelled until

  • the Trial Period Plan is successfully completed with all payments having been made, and

  • the mortgage loan modification agreement has been signed by the borrower(s).

When the servicer offers the borrower a Mortgage Release, the servicer must not suspend or cancel the foreclosure process until the servicer has accepted the executed deed from the borrower.

The following table provides further clarification regarding servicer actions depending on when the executed deed is received.

If the servicer... Then the servicer must...

does not receive an executed deed with clear and marketable title as well as all required documents signed by the borrower at least 30 days prior to the foreclosure sale

continue the foreclosure process.

receives an executed deed more than 30 days prior to foreclosure sale but the borrowers did not provide all the required signed documents

request the additional required documents.

The foreclosure process must not be suspended or canceled unless all required executed documents are received and accepted prior to the foreclosure sale date. The servicer should escalate the decision to accept the documents to Fannie Mae if necessary.

In applicable foreclosure actions where there is no foreclosure sale and title is transferred by court order, the servicer must use the estimated court order docket date, if known, in place of the foreclosure sale date.

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