FHLMC Nov. 30th Bulletin,Extension of the Foreclosure Suspension Period& Add. Servicing Requirements

On November 30th, Freddie Mac released a Bulletin titled "Extension of the Foreclosure Suspension Period and Additional Servicing Requirements for Mortgages Affected by Hurricane Katrina and Hurricane Rita".

The five major aspects of this bulletin are;

  • Extending our foreclosure suspension period through February 28, 2006
  • Suspending the Guide requirement to collect Borrower documentation to determine eligibility for long-term forbearance
  • Requiring that Servicers not report any delinquencies to credit repositories through February 28, 2006
  • Requiring that Servicers obtain prior Freddie Mac approval for initiation and resumption of foreclosure proceedings upon expiration of the foreclosure suspension period or the forbearance, whichever is later
  • Requiring that Servicers obtain prior Freddie Mac approval for commencement of any lender-initiated property preservation work

To view the full Bulletin please click on the following link:

FHLMC November 30th Bulletin

 

 

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