Fannie Mae will inform the servicer whether or not a lease was finalized and whether the Mortgage Release is contingent on the property being vacant.
The servicer must then finalize the Mortgage Release accordingly.
Note: The servicer must notify Fannie Mae if a Mortgage Release is not successfully executed for any case that was approved for Mortgage Release transition options consideration. The servicer must use the Mortgage Release Program Cancellation Form (Form 188).
For more information please see F-1-14, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure)