Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages
Freddie Mac Single-Family Seller/Servicer Guide section 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages
This section contains requirements related to: ■ Leasehold Mortgages ■ Lease agreements ■ Form of lease agreement (a) Leasehold Mortgages For leasehold Mortgages, the Mortgaged Premises must be located on either tribal trust land or allotted trust land and cannot be located on land that is owned in fee simple. Leasehold Mortgages must meet the requirements of Chapter 5704 and all other provisions in the Seller’s Purchase Documents applicable to leasehold estates. If permitted under the Seller’s Purchase Documents, Leasehold Mortgages secured by Manufactured Homes must meet the requirements of Chapter 5706 and all other provisions in the Seller’s Purchase Documents applicable to Manufactured Homes, except that the Manufactured Home is not required to be located in a ground lease community (although Section 5706.2 provides otherwise). (b) Lease agreements The term of the lease agreement must be a minimum of 25 years with an automatic 25-year renewal. The term of the lease agreement (before renewal) must expire at least five years after the term of the Mortgage expires. Any necessary approvals or signatures must be obtained from the U.S. Secretary of the Interior or the BIA, as applicable, to extend the term of the lease agreement to a period longer than 25 years. The Seller must maintain in the Mortgage file a copy of the recorded lease agreement, including any amendments or riders thereto. (c) Form of lease agreement It is recommended (but not required) that the most recent version of the standard lease form in HUD’s Section 184 Program be used for leasehold Mortgages. The lease agreement may not adversely impact the rights of Freddie Mac or the Seller/Servicer to foreclose or acquire title to the Mortgaged Premises, accept a deed or assignment in lieu of foreclosure or transfer title to or lease the Mortgaged Premises, if acquired.
Operationalizing Freddie Mac Single-Family Seller/Servicer Guide 4504.8 — HeritageOne® Mortgages that are leasehold Mortgages
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4504-8/
· register fhlmc-4504-8 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.