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Fannie Mae Updates Foreclosure & Modification Servicing Guides

Fannie Mae recently release the latest Servicing Guide Announcement SCV for 2016-2017. Updates in the Servicing Guide include changes related to suspending foreclosure proceedings for a streamlined modification offer.

The guide has been updated to clarify that, if the servicer has made the borrower an offer for a Fannie Mae Streamlined Modification, the borrower must contact the servicer verbally or in writing within 14 days of the date of the offer to indicate his or her intent to accept the offer in order for the servicer to delay the next legal action in the foreclosure proceeding until the last day of the month in which the first payment is due. These policy changes are encouraged to be implemented immediately by the servicer, but they must implement these changes by November 1, 2016.

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