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12 lis 2014 · Managing Chapter 7 Bankruptcies for Current Mortgage Loans. The servicer must closely monitor the payment status of the mortgage loan and, if it becomes 60 days delinquent, refer it to a law firm within two weeks of the 60th day of delinquency.
Introduction. This topic contains information on the waiting periods for significant derogatory credit events, including: General Information. Identification of Significant Derogatory Credit Events in the Credit Report. Bankruptcy (Chapter 7 or Chapter 11) Bankruptcy (Chapter 13) Multiple Bankruptcy Filings.
To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure. Fannie Mae has minimum waiting periods that must be ...
16 gru 2014 · The written explanation must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate that the borrower had no reasonable options other than to default on his or her financial obligations.
Note: While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling and Servicing Guide and their updates, including Guide Announcements, Lender Letters, and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies ...
A bankruptcy case file is established and maintained in accordance with the Fannie Mae Servicing Guide. Bankruptcy personnel are trained on the differences between Chapters 7, 11, 12, and 13, and how those differences impact the initial case review and bankruptcy milestones.
1 lut 2023 · For the maximum allowable LTV, CLTV, and HCLTV ratios and credit score requirements for manually underwritten cash-out refinance loans, see the Eligibility Matrix. See Cash-Out Refinance Transactions in B5-2-03, Manufactured Housing Underwriting Requirements for additional information.
