Fannie Mae Single Family Servicing Guide D2-3.4-02, Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan (11/12/2014)
Fannie Mae Single Family Servicing Guide topic D2-3.4-02 (Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan). Gap-fill (verbatim, ID-diff).
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Verbatim provisions from Fannie Mae Single Family Servicing Guide D2-3.4-02, Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan (11/12/2014) — 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.
Fannie Mae Single Family Servicing Guide D2-3.4-02
(11/12/2014) 390 ..............................................................................................................................
Fannie Mae Servicing Guide D2-3.4-02 — Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan
D2-3.4-02, Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan (11/12/2014) Introduction This topic contains information on offering a mortgage release (deed-in-lieu of foreclosure) for a second lien mortgage loan. Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan Offering a Mortgage Release (Deed-in-Lieu of Foreclosure) for a Second Lien Mortgage Loan The following table provides the requirements for the servicer of a seriously delinquent second lien mortgage loan when evaluating a borrower for a Mortgage Release. ✓ The servicer must... Coordinate with the first lien mortgage loan servicer regarding any proposed action related to the acceptance of a Mortgage Release to determine the following: • status of the first lien mortgage loan, • intentions of the first lien mortgage loan servicer, and • possibility of a mutually arranged disposition. Order an Owner and Encumbrance Report to ensure that there are no other outstanding liens. The servicer must obtain Fannie Mae’s prior approval to accept a Mortgage Release. The servicer must follow the procedures in Requesting Approval for a Mortgage Release for a Second Lien Mortgage Loan in F-1-24, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System for requesting Fannie Mae’s approval of a Mortgage Release.
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Source of record: https://claudeforcompliance.com/regs/fnma-svc-d2-3-4-02/
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