Freddie Mac Single-Family Seller/Servicer Guide 4406.2 — Resale restriction requirements for Mortgages secured by properties subject to resale restrictions
Freddie Mac Single-Family Seller/Servicer Guide section 4406.2 — Resale restriction requirements for Mortgages secured by properties subject to resale restrictions. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4406.2 — Resale restriction requirements for Mortgages secured by properties subject to resale restrictions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4406.2 — Resale restriction requirements for Mortgages secured by properties subject to resale restrictions
For Mortgages secured by properties subject to resale restrictions, there are no limits on the time period in which the resale restrictions may remain in place on the property. The resale restrictions may be in effect (i.e., survive) for a certain number of years or continue in perpetuity. The resale restrictions must be binding on current and subsequent property owners, and survive until they are formally removed or modified, or terminate automatically in accordance with their terms such as: ■ Upon completion of foreclosure, which includes the expiration of any applicable legally required foreclosure redemption period, or recordation of a deed-in-lieu of foreclosure, and ■ If necessary, upon recordation of the associated deed transferring the property to Freddie Mac or a third-party purchaser Additionally, the resale restrictions must be: ■ In compliance with all federal, State and local laws, rules and regulations, and ■ Stated in a separate covenant, restriction, easement, or condition in a deed or other instrument executed by or on behalf of the owner of the land or property and recorded against that land or property The resale restrictions may be administered by a subsidy provider or program administrator. Borrowers must meet any program eligibility requirements established by the subsidy provider or program administrator, if applicable. Note: For more information on requirements regarding foreclosure redemption periods, see Chapter 9301.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4406-2/
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