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When the cost of the contemplated preservation work exceeds Fannie Mae’s allowableĪmount, the servicer must submit the request via HomeTracker for Fannie Mae approval,Į-3.2-12, Performing Property Preservation During Foreclosure Proceedings. Requesting Fannie Mae Approval for Property Preservation and Maintenance Sale is held to ensure no additional citations were issued against the property subsequent If Fannie Mae advises the servicer to proceed with the foreclosureĪction, the servicer must conduct another search immediately before the foreclosure The servicer of the actions it must take (including postponement of the foreclosure If, during the search, the servicer discovers that a lead-based paint citation hasīeen issued, it must contact its Fannie Mae Servicing Representative (seeį-4-02, List of Contacts) immediately so Fannie Mae can evaluate the details of the specific case and advise
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To determine whether reimbursementįor a specific search is warranted, the servicer must contact its Fannie Mae Servicing Search becomes more complex, Fannie Mae will reimburse the servicer for the actualĬosts of each required citation search it conducts. (such as the local housing court, department of health, etc.). Search will involve simply making a phone call to the appropriate oversight authority For the most part, Fannie Mae expects that a lead-based paint citation The property or property owner just before it decides to refer a mortgage loan toįoreclosure. Search to determine whether there are any outstanding lead-based paint citations against Note: When the property is located in Massachusetts, the servicer must conduct an actual (including actual lead-based paint citation) or threatened or pending lead-based paint The number of children under eight years of age residing in the property, giving theĮxact age of each such child (if any) and, in the event the property is a two- toįour-unit property, the unit(s) with children residing in them.Ī copy of any documentation it has obtained related to lead-based paint law violations The amount of Fannie Mae’s outstanding debt. The property and, if the borrower is cooperative, an interior inspection. The current value of the property based on, at a minimum, an exterior inspection of The notification to Fannie Mae must include. Property is a one-unit investment property or a two- to four-unit property. It must report the information in the following table to its Fannie Mae Servicingį-4-02, List of Contacts) within 30 days after the mortgage loan is referred for foreclosure if the security Other evidence of lead-based paint law violations, or becomes aware of threatenedĮnvironmental litigation relating to a mortgage loan that it intends to refer to foreclosure,
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When the servicer learns about the issuance of a lead-based paint citation, obtains Also seeĮ-1.3-02, Reporting Non-Routine Litigation to Fannie Mae for additional information. Mae’s Legal department by submitting a Non-Routine Litigation Form ( Form 20).
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It must be considered non-routine and the servicer must immediately notify Fannie Regardless of whether Fannie Mae is named as a party in any environmental litigation, Also see the Property Preservation Matrix and Reference Guide for additional information. Instead, the servicer must report the information to its Fannie Mae Servicing Representativeį-4-02, List of Contacts). The servicer must not begin foreclosure proceedings for any mortgage loan if it becomesĪware of environmental hazards (hazardous waste materials, excessive tires, oil spills,Įtc.) affecting the security property, in accordance withĮ-1.2-02, Timing of the Foreclosure Referral for Mortgage Loans Generally. Reporting Environmental Hazards to Fannie Mae