Fannie Mae SVC-2014-12 MyCity Modification
On June 20, Fannie Mae released Servicing Guide Announcement SVC-2014-12, subtitled Neighborhood Stabilization Initiative – MyCity Modification for Detroit, Michigan.
Servicing Guide Announcement SVC-2014-12
Neighborhood Stabilization Initiative – MyCity Modification for Detroit, Michigan
Fannie Mae is introducing a new mortgage loan modification program for Detroit,
Michigan, MyCity Modification, as part of the Neighborhood Stabilization Initiative
recently announced by the Federal Housing Finance Agency and jointly
developed by Fannie Mae and Freddie Mac in order to help neighborhoods
recover from the housing crisis and to assist struggling homeowners.
The MyCity Modification targets borrowers whose mortgage loans are secured
by properties within the City of Detroit and who meet the eligibility requirements
Introduction to MyCity Modification
This Announcement covers the following parameters of the MyCity Modification:
- Effective Date
- Eligibility Requirements
- Complete Borrower Response Package
- Servicer Evaluation for Borrowers Who are Current or Less than 90 Days Delinquent
- Servicer Evaluation for Borrowers Who are 90 Days or More Delinquent
- Requirements after Receipt of Fannie Mae’s Eligibility Review
- Additional Requirements for Borrowers Who are 90 Days or More Delinquent
- Property Valuation and Bidding Instructions
- Mortgage Insurer Approval
Servicers are encouraged to implement the policies in this Announcement
immediately; however, servicers are required to implement these policies
no later than September 1, 2014. The MyCity Modification Trial Period
Plan Effective Date must be no later than December 1, 2015.
Please click here to view the announcement in its entirety.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.