Fannie Mae and Freddie Mac have revised the Wisconsin Mortgage model form to reflect recent changes to state law that shorten the redemption period in foreclosure actions. Consequently, the accelerated redemption period is being changed from 6 months to 3 months after a foreclosure judgement is entered. FNMA/FHLMC have encouraged lenders to use the updated documents immediately, but it is required to do so for mortgage loans with note dates on or after January 1, 2017. The following documents have been updated to reflect the changes:
- WI Mortgage (Cx358 )
- FHA WI Mortgage (Cx19407)
- WI Mortgage FHA (Cx411)
- HELOC Mortgage – WI (Cx1353)
This change will be effective July 27, 2016. If you have any questions or concerns about this change, please contact client support at 1.800.497.3584.
DR 203801