Failure to Properly Foreclose or Liquidate. In the event that a Mortgage is in default and the Seller is required or has decided to seek foreclosure sale of the Mortgaged Property or liquidate the Mortgage, the Seller must take prompt and diligent action consistent with FHLBI Guidelines and the Guide to seek such sale or otherwise appropriately liquidate such Mortgage and to perform all incident actions.
Appears in 2 contracts
Sources: Mortgage Selling and Servicing Master Agreement, Mortgage Selling and Servicing Master Agreement