Freddie Mac: Servicers Need to Diversify Foreclosure, Bankruptcy Referrals

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Under the new requirement, Fannie Mae and Freddie Mac servicers must select qualified law firms by June 1 to handle all new referrals of default-related legal services, such as foreclosures, loss.

However, when referring a foreclosure or bankruptcy case to counsel, if the Servicer determines it is in Freddie Mac’s best interest, the Servicer should give preference to the law firm handling the foreclosure, or that handled the bankruptcy matter, as applicable. Please refer to the Bulletin for additional information About the Author

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In particular, Freddie Mac said that servicers must retain more than one law firm or trustee in high-volume foreclosure states, and that servicers will be required to have formal contingency plans.

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Bankruptcy, short sale, foreclosure, or deed-in-lieu-of-foreclosure do not disqualify you from FHA, VA, Fannie Mae, or Freddie Mac mortgages. However, if you experienced any of these negative events in the last 7 years, you should expect the mortgage originator to ask you for documents regarding the bankruptcy, short sale, foreclosure, or deed-in-lieu-of-foreclosure, and more scrutiny from the.

The requirements state that direct referrals to trustees for foreclosure are not. each master Servicer need to submit a Servicer Selection Form for each law firm?. Servicers for attorney fees related to foreclosure, DIL and bankruptcy, for all.

 · Bankruptcy, short sale, foreclosure, or deed-in-lieu-of-foreclosure do not disqualify you from FHA, VA, Fannie Mae, or Freddie Mac mortgages. However, if you experienced any of these negative events in the last 7 years, you should expect the mortgage originator to ask you for documents regarding the bankruptcy, short sale, foreclosure, or deed-in-lieu-of-foreclosure, and more scrutiny.

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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:

Servicers must consider a firm's experience in the following areas:. A firm must have the ability to handle foreclosures, bankruptcies, evictions, by Fannie Mae or Freddie Mac or had referrals by Fannie Mae or Freddie Mac suspended.. Fannie Mae with data regarding the diversity status of the servicer,

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After a bankruptcy, foreclosure, deed-in-lieu of foreclosure, preforeclosure sale, or charge-off of a mortgage account, the borrower’s credit will be considered re-established if all of the following are met: The waiting period and the related additional requirements are met.