FNMA SVC-2013-19: Eliminations and Foreclosure Rescissions
On October 9, Fannie Mae released an update to Servicing Guide Announcement SVC-2013-19, subtitled Eliminations and Foreclosure Rescissions, originally released September 18.
On September 18, Fannie Mae released Servicing Guide Announcement SVC-2013-19, subtitled Eliminations and Foreclosure Rescissions.
Servicing Guide Announcement SVC-2013-19
Eliminations and Foreclosure Rescissions
Servicing Guide, Part VIII, Section 116: Notice of Property Acquisition
Effective immediately, Fannie Mae is establishing requirements for eliminations and rescissions of foreclosure sales, as defined below:
- Elimination: The process of removing a property from Fannie Mae’s real estate owned (REO) inventory system of record.
- Foreclosure Sale Rescission: The legal process of reversing a foreclosure sale and removing Fannie Mae as titleholder to the property.
There are circumstances in which a foreclosure sale rescission may not involve elimination. However, if an REOgram® has been submitted with an associated foreclosure sale, an elimination will also be necessary.
To view the online announcement in its entirety, please click here.
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