Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence

fnma-svc-e-1-2-03

Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence. Full verbatim text as published by Fannie Mae.

This register: .xlsx .csv

Verbatim regulatory text (1)

Verbatim provisions from Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence — 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.

Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence

Effective 2014-11-12 · publisher's stamp for this provision

E-1.2-03, Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence (11/12/2014) Foreclosure proceedings for a second lien mortgage loan that is not secured by a principal residence can begin when at least two full monthly payments are past due. In addition, even if a second lien mortgage loan that is not secured by a principal residence is not two full monthly payments past due, as long as the servicer has complied with SCRA requirements and any applicable state law that restricts the right to foreclose on a second lien mortgage loan, foreclosure proceedings can begin if the first lien mortgage loan is in default; and the second lien mortgage instrument includes a provision that the second lien mortgage loan will be considered in default, regardless of the status of its payments, if the first lien mortgage loan is in default. After the servicer sends the required breach letter as prescribed in D2-2-06, Sending a Breach or Acceleration Letter, its next action depends on whether the second lien mortgage loan has conventional MI. When the mortgage loan has MI, the servicer must determine if both the first and second lien mortgage loans are in default; and Fannie Mae has an interest in only one mortgage loan, or both the first and second lien mortgage loans. The terms of the recourse or credit enhancement arrangement under which Fannie Mae purchased or securitized an uninsured second lien mortgage loan will determine whether foreclosure proceedings will be initiated and the type(s) of actions the servicer must take. The servicer must contact its Fannie Mae Servicing Representative (see F-4-02, List of Contacts) by submitting a case through Fannie Mae’s servicing solutions system before making a decision to foreclose on any conventional second lien mortgage loan and/or to advance the funds to bring the first lien mortgage loan current. The servicer must refer the case to a law firm to begin foreclosure proceedings on a second lien mortgage loan that is not secured by a principal residence no later than 30 days after the date it issued the breach letter once a final determination is made to initiate foreclosure on such a mortgage loan.

Source: Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence · source URL · snapshot cf63a82bbb4adfba

Get this regulation in your AI window

Announcements change Guide topics, but the old wording keeps circulating. An assistant will hand you the prior version and name no date at all.Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.

Open in Claude Open in ChatGPT

Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.

Next step: the FNMA AI Lender Letter playbook. Run it in your AI window →

Get notified if this rule changes

One email when Fannie Mae Servicing Guide E-1.2-03 — Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence changes: what changed, the new verbatim text, and the effective date. Nothing else.

Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.

Source of record: https://claudeforcompliance.com/regs/fnma-svc-e-1-2-03/ · register fnma-svc-e-1-2-03 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.