Freddie Mac Single-Family Seller/Servicer Guide 9201.6 — Alternatives to foreclosure
Freddie Mac Single-Family Seller/Servicer Guide Section 9201.6 — Alternatives to foreclosure.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 9201.6 — Alternatives to foreclosure — 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 9201.6 — Alternatives to foreclosure
This section contains requirements related to: ■ Reinstatements ■ Relief options ■ Workout options ■ Charge-offs Alternatives to foreclosure are reinstatements and relief and workout options that, when used, result in a resolution of a Mortgage Delinquency without foreclosing on the property. Below is a list of the Freddie Mac alternatives to foreclosure, (a) Reinstatements A reinstatement restores a delinquent Mortgage to current status either with a lump-sum payment of all amounts due or a partial payment followed by a repayment plan. Freddie Mac has two types of reinstatements: ■ Full reinstatement ■ Partial reinstatement Note: Refer to Chapter 9203 for additional information on reinstatements. (b) Relief options A relief option provides temporary relief to a Borrower and allows the Borrower to cure the Delinquency over a defined period of time. Freddie Mac’s relief options are: ■ Repayment plan ■ Forbearance plan ■ Payment Deferral Note: Refer to Chapter 9203 for additional information on relief options. (c) Workout options A workout option is an alternative to foreclosure that eliminates or reduces the potential loss that Freddie Mac would incur if the property securing the Mortgage were acquired through a foreclosure sale. A Mortgage modification is a workout option that will enable the Borrower to retain homeownership. Note: Refer to Chapter 9206 for additional information about modifications. Freddie Mac’s workout options for situations where it is not feasible for the Borrower to retain the property are: ■ Short sale ■ Deed-in-lieu of foreclosure ■ Workout mortgage assumption Additional information about workout options Topic Guide location Workout Mortgage assumption Freddie Mac Standard Short Sale Freddie Mac Standard Deed-in-Lieu of Foreclosure (d) Charge-offs Freddie Mac has a charge-off option available for use under certain conditions. A charge-off ceases collection efforts on a Mortgage. Note: See Section 9210.1(b) for situations when Freddie Mac requires Servicers to make a recommendation for a charge-off.
Operationalizing Freddie Mac Single-Family Seller/Servicer Guide 9201.6 — Alternatives to foreclosure
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Source of record: https://claudeforcompliance.com/regs/fhlmc-9201-6/
· register fhlmc-9201-6 · Claude for Compliance. Free to read and download;
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