Servicing Guide

Published September 9, 2020

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What action must be taken when there is a legal proceeding that may significantly affect Fannie Mae’s rights in the property?

When there is a legal proceeding that may significantly affect Fannie Mae’s rights in the property, the servicer must evaluate a request for release in accordance with Evaluating a Request for the Partial or Total Taking of Property Securing a Mortgage Loan by Condemnation in D1-1-01, Evaluating a Request for the Release, or Partial Release, of Property Securing a Mortgage Loan.

The servicer must take the actions outlined in the following table.

The servicer must...
 

Determine the method that the government instrumentality used to establish the property value on which the compensation is based.

 

Determine the amount of the proposed award or compensation to be paid to the property owner.

 

Pursue any legal remedies that are available if it does not appear that the borrower is being fairly compensated.

 

If applicable, advise the law firm engaged in any foreclosure or bankruptcy proceedings about the proposed condemnation or taking by eminent domain so that the law firm can assume responsibility for any necessary legal action.

For further information please see F-1-04, Evaluating a Request for the Release, or Partial Release, of Property Securing a Mortgage Loan 

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