Here you'll find information about the workout settlement process. It consolidates all the available resources, tools and training opportunities into one location, so you'll know what's required to settle each particular workout type. For purposes of this overview, workout settlement options include modifications, short sales and deeds-in-lieu, as well as other settlement options such as third-party foreclosure sales and charge-offs.
Workout Settlements Spotlight
September 30, 2016
Here are some tips to help you avoid potential roadblocks.
In response to Servicer questions, we've updated the Completing Third-Party Foreclosure Sales Quick Reference to include examples of how to request expense reimbursements based on the distribution of third-party foreclosure sale proceeds.
- When necessary, use new Form 1205-PR, Post Settlement Correction Request, when processing a Principal Reduction Modification. This form includes specific fields related to the Principal Reduction Modification. Please read Guide Bulletin 2016-18 for more information.
For help with post-settlement requests, visit step 5 in the Workout Settlement process.
Prepare for Settlement
Understand the settlement options, and how to submit settlement documents to us.
View the steps required to settle a workout, tips to avoid delays, and helpful resources for each workout type.
Monitor your workout settlement using reports and our reference guide.
View the final steps required to complete the workout settlement.
See how you can correct data discrepancies after your workout has settled.
Visit the Servicing Technology Tools page to sign up and/or login to a servicing system.
Visit the Freddie Mac Learning Center for easy to print references, online self-study, and training events on the Workout Settlement Process.