Loss Mitigation: Nonretention Options
Foreclosure Postponement
MGIC requires that foreclosures commence within 120 days from the loan due date. You have delegated authority to postpone a foreclosure if you’re invoking a forbearance or repayment plan that meets MGIC Delegated Guidelines.
Foreclosure postponements that do not meet MGIC Delegated Guidelines must be approved by MGIC.
Guidelines
See section 2.01 of MGIC’s Default Servicing Guide.
Submission
Submit requests for approval and required documentation via MGIC/Link Servicing. Select Other Workout Types in the main menu.
Support
Contact MGIC Customer Service, customer_service@mgic.com or
1.800.424.6442.
