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Foreclosure Management.

Mortgage Bankers Association of America Washington, D.C.

The foreclosure process is often viewed as one of the more mysterious functions within the servicing arena. Encumbered with numerous regulations from agencies, investors, regulators and states, the reputation is somewhat deserved. Foreclosure Management is the first publication in many years dedicated to examining this often-complicated process.

Written by a distinguished panel of industry experts on the subject, Foreclosure Management dissects the critical elements of the foreclosure process from the early default stages to the culmination of the process.

Chapter one provides a macro view of basic foreclosure concepts including a review of security instruments, methods of foreclosure, bankruptcy and other obstacles to completing the foreclosure. Also included is a discussion of the care and maintenance of the property during the foreclosure process.

Chapter two provides the reader with a concise understanding of issues pertinent to administering a HUD loan while in the default stage. The authors provide a succinct view of important components such as risk-based premiums, the HUD-92068 reporting media, HUD-approved relief programs and accepting deed-in-lieu of foreclosure. The HUD assignment program is described in some detail.

Chapter three takes the reader through the foreclosure process as it relates to HUD-insured loans. Expertly covered are the steps the lender must take to preserve full-claim benefits from the commencement of the action to the final claim for benefits, including the reporting of defaults to the credit repositories, sale-bid strategies and special handling of Section 235 loans. The authors provide regulatory citations for the person that desires to read the actual regulations.

Chapter four and five review the process the lender must follow when servicing the VA loan from default to filing the claim. Included in these two chapters are required reporting mechanisms imposed by the VA, VA-approved relief provisions, obtaining the liquidation appraisal, and instructions on maintaining the property, submitting the election to convey and submitting of the final claim. The bid process is covered comprehensively, including the process of buying down the debt to prompt a VA specified bid.

Chapter six looks at the process on loans insured by the private mortgage insurance industry from loan default to final claim and disposition of the REO. This chapter covers default reporting, property preservation and protection, deed-in-lieu procedures, claim filings and the management of acquired properties.

Foreclosure Management offers enlightening reading for the experienced reader and an excellent introduction for those new to the foreclosure process. While its primary focus is to act as a training publication, it can also serve as an ideal supplement to the lender's foreclosure department manual.

Foreclosure Management is available from the Mortgage Bankers Association of America (MBA). The cost is $35 for members and $40 for non-members. Call 1-800-793-MBAA to order.

Reviewer Dennis Jankowski writes and lectures frequently for MBA on residential loan administration issues.
COPYRIGHT 1993 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Author:Jankowski, Dennis
Publication:Mortgage Banking
Article Type:Book Review
Date:Jul 1, 1993
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