In general, the maximum allowable foreclosure fee for non-judicial foreclosures is intended to cover all services that are typically required to be performed by counsel in the completion of a non-judicial foreclosure resulting in title transferring from the borrower to the highest bidder at the foreclosure sale, in accordance with local laws. The following table lists the services included in the allowable non-judicial foreclosure fee.
|Non-Judicial Foreclosure Services|
Reviewing title reports and exceptions.
Preparing all necessary legal papers to initiate the non-judicial foreclosure process, including Substitution of Trustee, Notice of Default, and Notice of Sale.
Recording the necessary documents in the appropriate county recorder's office.
Executing all steps necessary to obtain service of process on all persons entitled to notice, including review of process server affidavits and referral and tracking of published notices.
Publishing and posting the requisite notices as required by local foreclosure law.
Preparing all legal papers to conduct the foreclosure sale.
Conducting, or arranging for sheriff or other third party to conduct, the foreclosure sale.
Attending the foreclosure sale, when required.
Preparing and filing a report of sale with the local court or recorder's office, where required by local law.
Preparing all legal papers necessary to convey title to Fannie Mae or a successful third-party bidder.
For more information please see: E-5-04, Allowable Foreclosure Fees