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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.
Effective timeline management processes are essential for mitigating risk, reducing costs, and maintaining performance. Timeline management includes the servicers' processes, abilities, and competencies to handle bankruptcy, foreclosure, and post-foreclosure accounts.
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.
The Service Requirements for Contractors and Consultants (SRCC) functions as Fannie Mae’s Contingent Worker Code of Conduct and requires that you demonstrate ethical behavior in the performance of services for Fannie Mae. In many situations, however, the right course of action is not obvious.
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.
This chapter provides Fannie Mae’s requirements and policies for conducting foreclosure proceedings for Fannie Mae mortgage loans. Fannie Mae sets out those instances when its requirements vary for any particular. ownership interest.
