B-5-02, Uninsured Loss Events (09/09/2020)
When a natural disaster or other event results in an uninsured loss to the property, the servicer must take the steps listed in the following table.
Step | Servicer Action |
---|---|
1 |
Determine the damage. |
2 |
If the property is abandoned, secure it in accordance with the requirements for a property in foreclosure in Property Preservation Matrix and Reference Guide. and the |
3 |
Develop plans to repair the property. |
4 |
Assist the borrower in filing for any disaster relief that may be available in accordance with . |
5 |
Evaluate the borrower for a workout option in accordance with Chapter , if applicable. |
Recent Related Announcements
The table below provides references to recently issued Announcements that are related to this topic.
Announcements | Issue Date |
---|---|
Announcement SVC-2020-04 | September 9, 2020 |