Recording the necessary documents in the appropriate county recorder's office.Įxecuting all steps necessary to obtain service of process on all persons entitled to notice, including review of process server affidavits and referral and tracking of published notices. Preparing all necessary legal papers to initiate the non-judicial foreclosure process, including Substitution of Trustee, Notice of Default, and Notice of Sale. The following table lists the services included in the allowable non-judicial foreclosure fee. In general, the maximum allowable foreclosure fee for non-judicial foreclosures is intended to cover all services that are typically required to be performed by counsel in the completion of a non-judicial foreclosure resulting in title transferring from the borrower to the highest bidder at the foreclosure sale, in accordance with local laws. Preparing all legal papers necessary to convey title to Fannie Mae or a successful third-party bidder.
Obtaining judicial confirmation of foreclosure sale, where required by local law. Preparing all legal papers to conduct the foreclosure sale.Ĭonducting, or arranging for the sheriff or other third party to conduct, the foreclosure sale.Īttending the foreclosure sale, when required. Obtaining judgment of foreclosure, including one court appearance. Preparing legal papers for entry of foreclosure judgment, whether by default or through summary judgment process. Judicial Foreclosure Servicesĭrafting Complaint, Summons, Lis Pendens, and other papers necessary to initiate the foreclosure action.įiling the foreclosure Complaint and Lis Pendens.Įxecuting all steps necessary to obtain service of process on all defendants, including review of process server affidavits, obtaining court permission to serve by publication, and referral and tracking of published notices. The following table lists the services included in the allowable judicial foreclosure fee. In general, the maximum allowable foreclosure fee for a judicial foreclosure is intended to cover all services that are typically required to be performed by foreclosure counsel in the prosecution of a judicial foreclosure in accordance with local law. In the event that a default is cured, such as by a completed loan modification or reinstatement, and the loan subsequently becomes delinquent again, a new allowable foreclosure fee applies without the need for excess fee approval when the servicer must initiate new foreclosure proceedings. The allowable fee applies for the life of the default and covers services necessary to complete a routine foreclosure action in the jurisdiction. The servicer may access additional resources on managing default-related legal services, including the process for the law firm to request Fannie Mae approval for certain excess legal expenses, on Fannie Mae’s website. The servicer must also ensure allowable foreclosure fees comply with the milestone invoicing requirements set forth in E-5-05, Reimbursing Law Firms/Reimbursement of Uncollected Fees, Costs or Advances. Generally, Fannie Mae will not reimburse the servicer for any attorney fees that exceed or are not included within Fannie Mae's maximum allowable foreclosure fee schedule-unless the law firm obtains the appropriate excess fee approval from Fannie Mae's SF CPM division (see F-4-02, List of Contacts). The maximum attorney fees that Fannie Mae allows for legal proceedings related to foreclosures appear in the Allowable Foreclosure Attorney Fees Exhibit.
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