Foreclosure Policy
This Foreclosure Policy generally states the conditions and the processes under which a bank, credit union, fintech company, or other type of financial institution functions and operates its foreclosure operations. This ensures prudent attempts are made by lending personnel at the earliest indication of such problems that are consistent with safe and sound lending practices to work out loans of homeowners who have defaulted on their contractual obligations that are in the best interests of both the organization and the borrower.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Risk Management – Topic 3
- Contacting Delinquent Borrowers – Topic 4
- Options for Delinquent Borrowers – Topic 5
- Loan Workout Program – Topic 6
- Imminent Foreclosure Sale Standards – Topic 7
- Coronavirus Pandemic Applicability – Topic 8
- Audit Policy – Topic 9
- Staff Training – Topic 10
- Retention of Documentation – Topic 11
This Foreclosure Policy (approximately 28 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this template are also included in the Mortgage Loan Policy.
Product Update Protection Plan
Ensure your purchase from BankPolicies.com remains current by adding a Product Update Protection Plan to your shopping cart. You’ll automatically receive an updated version via e-mail every time it’s revised, within one year from the last date of purchase.
We’re Here to Help
BankPolicies.com keeps your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We are ready to earn your business for all of your bank policy needs. Order your policy template today.
