Pre-Negotiation Letter

1.  Execution

Prior to entering into any discussions with a BorrowerBorrowerPerson who is the obligor per the Note. regarding an anticipatory default (per Part V, Chapter 7: Non-Performing Mortgage Loans, Section 703.01: Anticipatory Defaults) or after the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. has been transferred to the Special ServicerSpecial ServicerServicer (which may be Fannie Mae, the Servicer, or a third-party special servicer contracted by Fannie Mae) responsible for implementing the loss mitigation actions for a Non-Performing Mortgage Loan. and prior to any further discussions with the BorrowerBorrowerPerson who is the obligor per the Note. regarding the Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan that is subject to an uncured default. and possible resolution of the default, the BorrowerBorrowerPerson who is the obligor per the Note. , Fannie Mae (if a Primary Risk Mortgage LoanPrimary Risk Mortgage LoanMortgage Loan where Fannie Mae bears all losses or where the Lender and Fannie Mae share losses. ), the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. (if a Secondary Risk Mortgage LoanSecondary Risk Mortgage LoanMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. ) or the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. (if the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. has loss sharing and is not also the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ) must execute and send to the BorrowerBorrowerPerson who is the obligor per the Note. a written Pre-Negotiation Form Letter (NOI and Loan Document Provisions) (Form 4811) or Pre-Negotiation Form Letter (Form 4812).

2.  Purpose of Pre-Negotiation Letter

The purpose of the Pre-Negotiation Letter is for all parties to acknowledge in writing that any discussions relating to resolution of the default are not binding on any party until the discussions are documented in a written agreement executed by all parties.  Use of the Pre-Negotiation Letter minimizes the risk of a liability claim against Fannie Mae or the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. that the BorrowerBorrowerPerson who is the obligor per the Note. acted in reliance on a verbal representation by Fannie Mae or the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .