Sep 10

Fannie, Freddie Extend Foreclosure Timelines

Fannie, Freddie Extend Foreclosure Timelines

 

Fannie, Freddie Extend Foreclosure Timelines. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Fannie, Freddie Extend Foreclosure Timelines. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Mortgage financing giants Fannie Mae and Freddie Mac are increasing the maximum number of days for a foreclosure sale in the majority of the country. Fannie Mae and Freddie Mac announced that 33 states would see an increase in the maximum number of allowable days for “routine” foreclosure proceedings.

The new foreclosure timelines will apply to all foreclosure sales completed on or after Aug. 1.

The new timelines represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale. The timeframe also reflects the time that is typically required for a “routine, uncontested” foreclosure proceeding.

The amount of extensions varies by state. For example, in Maine, Freddie Mac is increasing the foreclosure timeline by 300 days – from 690 days to now 990 days. In Hawaii, the foreclosure timeline is increasing by 240 days – 840 days to 1,080 days. Other states saw much smaller extensions, such as Arizona and Washington, which increased from 330 to 360 days.

Oregon saw the longest foreclosure timeline extension by an added 480 days – 600 days to now 1,080 days.

Fannie Mae and Freddie Mac say that if the amount of time to complete the foreclosure sale exceeds the maximum number of allowable days and the servicer fails to provide an adequate explanation for the delay, the GSEs will require the servicer to pay a “compensatory fee.”

The following states have had foreclosure sale timelines extended: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Nevada, New Mexico, New Hampshire, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

Source: “Freddie Mac Joins Fannie Mae in Extending Foreclosure Timelines,” HousingWire (Sept. 4, 2015)

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