Freddie Mac: Servicers Need to Diversify Foreclosure, Bankruptcy Referrals

The following changes to?Freddie Mac’s?servicing requirements are effective immediately, unless otherwise indicated: Foreclosure and Bankruptcy Processes and Requirements Permitting Servicers to postpone a scheduled foreclosure sale when a designated counsel handles the foreclosure, provided the newly scheduled foreclosure sale date is within the state foreclosure timelines defined in the Guide.

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Participating loan servicers for HAMP. Servicers of mortgages that are guaranteed or owned by Freddie Mac or Fannie Mae must participate in the program. Servicers of other mortgages that are not guaranteed or owned by Freddie Mac or Fannie Mae may participate on a voluntary basis, but they are not required to do so. Eligibility for HAMP

Freddie Mac: Servicers Need to Diversify Foreclosure, Bankruptcy Referrals Therefore, Freddie Mac has added new Guide Section 54.5, Prohibitions Relating to Foreclosure and Bankruptcy Referrals; Freddie Mac Remedies for Non-Compliance, specifically prohibiting Servicers from contracting, or making arrangements, with attorneys or trustees.

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Freddie Mac is clarifying that for a bankruptcy filing after a foreclosure sale (whether a Chapter 7, 11, 12 or 13 bankruptcy petition), the Servicer must refer the case to counsel within three Business Days of the Servicer’s receipt of notice that a petition has been filed if:

Freddie Mac Pushes Out foreclosure timelines. freddie Mac also said it will temporarily reimburse the cost of leaving a door hanger up to $15 per mortgage, and up to $50 per mortgage for a door knocking that results in the borrower contacting their servicer — certainly good news for companies like Titanium Solutions and the servicers.

At particular risk in the latter category are buyers who, because of credit problems or self-employment income, may not qualify for a conventional Fanny Mae/Freddie Mac mortgage. your home from.

Our short-sale, deed-in-lieu, foreclosure, and REO technology tools and services offer solutions that help reduce your time to closing and minimize loss severity. Once it’s clear a borrower has no interest in or does not qualify for a loan modification, you need to move quickly to curb your losses.

– If servicer applies payments to oldest outstanding payment (required by Fannie Mae, Freddie Mac and some states), a payment by a delinquent borrower will advance the date the borrower’s delinquency began – In short, 120-day foreclosure referral waiting period is also advanced 6

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