Inquiry Routing & Information System (IRIS)
Pursue loss mitigation options even after the foreclosure process has started
You state that we are to pursue loss mitigation options even after the foreclosure process has started. What do we do if at the 11th hour we receive a valid offer, which cannot close prior to the foreclosure date? If we do not postpone, will this affect our tier ranking? If we do postpone, will this affect our claim?
If the timeframe to terminate the loan is extended beyond the 210 days plus the state foreclosure timeframe you may request a pre-approval and justify the postponement. This does not currently affect your tier ranking during the first year as we are currently collecting data to develop our tier ranking criteria during this time period. The claim could be affected if the proceeds of sale are not equal or greater than the net value or if it is beyond the maximum interest timeframe.