Have Servicing Questions? Ask Poli

AskPoli

Fannie Mae customers! Get answers to your Servicing Guide & policy questions with Fannie Mae's AI-powered search tool.

Launch Ask Poli for Servicers  

Guide Resources

Access forms, announcements, lender letters, notices, and more to stay current on our servicing policies.

View Resources  

F-2-01: Bankruptcy Referral and Completion Timelines (11/12/2014)

Introduction

This exhibit contains bankruptcy referral and completion timelines.

 

Bankruptcy Referral and Completion Timelines

Chapter 7 Bankruptcy
Delinquency Status When to Refer to an Attorney

 

Timeline for Case Completion
Mortgage loan is delinquent, but less than 60 days delinquent when the bankruptcy is filed. May refer for proof of claim preparation if proof of claim is required to be filed. 2 months and 2 weeks from the 60th day of delinquency to case completion.

 

Mortgage loan is 60 or more days delinquent or in foreclosure when the bankruptcy is filed. Refer no later than two weeks after the bankruptcy is filed. Two months and two weeks from the date of the bankruptcy filing to case completion.
Case completion for a Chapter 7 bankruptcy proceeding is defined as: automatic stay terminated, case dismissed or closed, or the borrower receives a discharge and the trustee abandons all interest in the secured property.

 

Chapter 11 Bankruptcy
Delinquency Status When to Refer to an Attorney Timeline for Case Completion

 

Mortgage loan is current or delinquent when bankruptcy is filed. Refer no later than two weeks from the date of the bankruptcy filing. No timeline implemented at this time.
Chapter 12 and 13 Bankruptcy

 

Delinquency Status When to Refer to an Attorney Timeline for Case Completion
Mortgage loan is delinquent but less than 60 days delinquent when the bankruptcy is filed.

 

May refer for proof of claim preparation and plan review. Five months and two weeks from the 60th day of delinquency.
Mortgage loan is 60 or more days delinquent or in foreclosure when the bankruptcy is filed. Refer no later than two weeks after the bankruptcy is filed.

 

Five months and two weeks from the date of the bankruptcy filing to case completion.
After confirmation of either a Chapter 12 or Chapter 13 plan, the mortgagor becomes 60 days delinquent making payments pursuant to the plan. Refer when the mortgage loan is 60 days delinquent, but no later than 2 weeks from the 60th day of delinquency. Five months and two weeks from the 60th day of delinquency.

 

Case completion for a Chapter 12 or 13 bankruptcy proceeding is defined as: automatic stay terminated, case dismissed or closed, the trustee abandons all interest in the secured property, or the Chapter 12 or 13 plan is confirmed.

 

Recent Related Announcements

There are no recently issued Announcements related to this topic.                      

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles


AskPoli

Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.