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D1-6-03, Handling Property Forfeitures and Seizures (11/12/2014)

Introduction
This topic contains information on handling property forfeitures and seizures.

Handling Property Forfeitures and Seizures

With respect to property forfeitures and seizures, the servicer must take the actions described in the following table.

✓ The servicer must...
 

Control and monitor all proceedings and actions related to property forfeitures and seizures.
 

Maintain a detailed record of all contacts, requests, and actions taken with respect to each property.
 

Ensure that all information regarding any forfeiture contacts are kept confidential and limit the number of persons having access to the information.
 

Keep its Fannie Mae Servicing Representative (see F-4-02, List of ContactsF-4-02, List of Contacts) informed about the status of the mortgage loan and the property by reporting, at a minimum, the following items:

  • the source of any mortgage loan payments,

  • any default under the payment terms of the mortgage loan,

  • a sale or other disposition of the property, and

  • the amount of any property disposition proceeds.

The servicer must follow the procedures in F-1-07, Handling Property Forfeitures and SeizuresF-1-07, Handling Property Forfeitures and Seizures for responding when contacted in regards to a property forfeiture or seizure depending on the timing of the contact. Also see D1-1-02, Evaluating a First Lien Mortgage Loan for Charge-Off and Release of LienD1-1-02, Evaluating a First Lien Mortgage Loan for Charge-Off and Release of Lien.

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