Fannie mae foreclosures and state of mo paying closing cost

The servicer must follow the procedures inДЇ-1-13, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure) for ensuring that clear and marketable title can be conveyed. Work with the title company to resolve any issues that may delay the closing, includingДЄssisting the borrower in subordinate lien releases, and ensure that the borrowerД¬an convey clear and marketable title. No foreclosure sale and title is transferred by court order, the estimated court order To the foreclosure sale date, or in applicable foreclosure actions where there is To the borrower, so that an executed deed can be received no later than 30 days prior The processing of the Mortgage Release, including sending the Mortgage Release offer Work with the borrower to complete all requirements associated with completing andД®xecuting the Mortgage Release and ensure that there is sufficient time to complete The outstanding debt is forgiven, and refer the borrower to IRS Publication 544, SalesДЄnd Other Dispositions of Assets, particularly the section captioned вЂњForeclosure, See Evaluating a Borrower for Fannie Mae Mortgage Release Transition Options for information on options #2 and #3.ДЄdvise the borrower that there may be possible tax consequences if any portion of A twelve-month lease at market rent payment. A three-month transition lease with no rent payment required.ДЈ. Inform the borrower of the three exit options:Дў. On the status of the mortgage loan at the time of the respective evaluation. Or bankruptcy involving the subject property or mortgage loan.Д®valuate the borrowerвЂ™s eligibility and cash contribution requirements, if any, based With processing a Fannie Mae Mortgage Release for a first lien mortgage loan.Д®nsure that the borrower is not involved in or party to litigation other than foreclosure The following table provides some of the servicerвЂ™s responsibilities in connection General Requirements When Processing a Fannie Mae Mortgage Release

Fannie mae foreclosures and state of mo paying closing cost