Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 22.00 - Servicer's Guide
LOAN SERVICING
Section 22.20 - Bidding Instructions

Universal Citation: 761 CMR 22.00 MA Code of Regs 22.20
Current through Register 1531, September 27, 2024

Servicer shall issue bidding instructions to its employees, agent or the attorney attending the foreclosure sale unless otherwise directed by MHMFA. With respect to Conventional Mortgage Loans, at least 15 days prior to the foreclosure sale, Servicer shall recommend the maximum amount which should be bid on behalf of MHMFA and shall request approval of such amount. In the case of an FHA, VA or private mortgage insurance Mortgage Loan, bidding instructions shall be in conformity with FHA, VA and private mortgage insurance regulations.

For VA guaranteed Mortgage Loans, no bid in excess of the "upset price" established by the VA shall be entered on behalf of MHMFA. If the VA upset price is not received by Servicer as of the date of the sale, the sale should be postponed.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.