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Introduction. This topic contains information on the waiting periods for significant derogatory credit events, including: General Information. Identification of Significant Derogatory Credit Events in the Credit Report. Bankruptcy (Chapter 7 or Chapter 11) Bankruptcy (Chapter 13) Multiple Bankruptcy Filings.
- Prior Derogatory Credit Event: Borrower Eligibility Fact Sheet - Fannie Mae
To be eligible for a mortgage loan, Fannie Mae requires...
- Prior Derogatory Credit Event: Borrower Eligibility Fact Sheet - Fannie Mae
12 Νοε 2014 · Managing Chapter 7 Bankruptcies for Current Mortgage Loans. The servicer must closely monitor the payment status of the mortgage loan and, if it becomes 60 days delinquent, refer it to a law firm within two weeks of the 60th day of delinquency.
To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure.
21 Δεκ 2022 · If the borrower’s debt has been discharged pursuant to Chapter 7 of the U.S. bankruptcy code, the servicer must evaluate the borrower for a Fannie Mae short sale without receiving a complete BRP regardless of the delinquency status of the mortgage loan at the time of evaluation.
Effective timeline management processes are essential for mitigating risk, reducing costs, and maintaining performance. Timeline management includes the servicers' processes, abilities, and competencies to handle bankruptcy, foreclosure, and post-foreclosure accounts.
16 Δεκ 2014 · The written explanation must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate that the borrower had no reasonable options other than to default on his or her financial obligations.
11 Σεπ 2019 · Additionally, we are updating the following maximum allowable bankruptcy attorney fees for legal services provided on mortgage loans we own or securitize: Motion for Relief for Chapter 7, 11, 12, and 13 cases; Proof of Claim Preparation and Plan Review for Chapter 11, 12, and 13 cases;
