Foreclosure can occur if the Servicer has determined that all other loss mitigation options are either not feasible or have failed, and must be the last alternative available.
Initiation of foreclosure requires the submission of a mortgage case and appropriate foreclosure documentation to a litigation (foreclosure) attorney or trustee after taking all appropriate actions to accelerate the mortgage.
The 45th day of delinquency.
Management
The Agency requires the foreclosure process to be managed in a cost-effective and efficient manner.
Monthly, and preferably more often, there must be communication with the foreclosure attorney or trustee to
obtain updates on the case, and
provide the attorney or trustee with necessary documentation or information
Foreclosure is considered to be initiated on the date of first legal action subject to applicable state law. i.e., complaint filed, publication etc.
