RC_LA_DA_303.2 Foreclosure Essentials
There are many situations that can lead to foreclosure. A homeowner may become unemployed due to company layoffs or may become unable to work due to medical conditions. Struggling to make ends meet, the homeowner may ultimately no longer have the money needed to pay the monthly mortgage. The mortgage servicer attempts to stay in continuous contact with the borrower in order to secure the payments. Wherever possible, the borrower is provided with alternatives to foreclosure in the form of loss mitigation solutions. However, if the borrower is unable or unwilling to qualify for loss mitigation alternatives, or if the loss mitigation efforts do not succeed, the servicer may need to resort to foreclosure to recover its investment.
Foreclosure Essentials describes what occurs before and during the foreclosure process for conventional loans. It begins with a look at the events that lead up to the initial foreclosure proceedings. Next, the course describes the two basic types of foreclosure and the servicer's role throughout each type of foreclosure process. The course then examines the events that could suspend or stop the foreclosure. This course ends with a basic description of the Fannie Mae and Freddie Mac foreclosure processes.
This is a single-family/residential course.
- Before Foreclosure
- Types of Foreclosure
- The Foreclosure Process
- Suspending the Foreclosure
- Freddie Mac Foreclosure Procedures
- Fannie Mae Foreclosure Procedures
Seat time approximately 1.5 hours.