Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages
Freddie Mac Single-Family Seller/Servicer Guide section 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages — 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 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages
This section contains requirements related to: ■ Leasehold Mortgages ■ Lease agreements ■ Form of lease agreement (a) Leasehold Mortgages For leasehold Mortgages, the Mortgaged Premises must be located on either tribal trust land or allotted trust land and cannot be located on land that is owned in fee simple. Leasehold Mortgages must meet the requirements of Chapter 5704 and all other provisions in the Seller’s Purchase Documents applicable to leasehold estates. If permitted under the Seller’s Purchase Documents, Leasehold Mortgages secured by Manufactured Homes must meet the requirements of Chapter 5706 and all other provisions in the Seller’s Purchase Documents applicable to Manufactured Homes, except that the Manufactured Home is not required to be located in a ground lease community (although Section 5706.2 provides otherwise). (b) Lease agreements The term of the lease agreement must be a minimum of 25 years with an automatic 25-year renewal. The term of the lease agreement (before renewal) must expire at least five years after the term of the Mortgage expires. Any necessary approvals or signatures must be obtained from the U.S. Secretary of the Interior or the BIA, as applicable, to extend the term of the lease agreement to a period longer than 25 years. The Seller must maintain in the Mortgage file a copy of the recorded lease agreement, including any amendments or riders thereto. (c) Form of lease agreement It is recommended (but not required) that the most recent version of the standard lease form in HUD’s Section 184 Program be used for leasehold Mortgages. The lease agreement may not adversely impact the rights of Freddie Mac or the Seller/Servicer to foreclose or acquire title to the Mortgaged Premises, accept a deed or assignment in lieu of foreclosure or transfer title to or lease the Mortgaged Premises, if acquired.
Get this regulation in your AI window
Bulletins replace Guide sections, and the old text stays widely quoted. An assistant will answer from a version a later Bulletin already retired.Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.
Open in Claude Open in ChatGPT
Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.
Get notified if this rule changes
One email when Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages changes: what changed, the new verbatim text, and the effective date. Nothing else.
Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.
Source of record: https://claudeforcompliance.com/regs/fhlmc-4504-8/
· register fhlmc-4504-8 · verbatim, source-snapshotted regulator text from the
Claude for Compliance corpus. To work from every register at once, download the corpus
and follow the methodology.