Fannie Mae has adjusted the maximum number of allowable days for routine foreclosure proceedings, effective for foreclosure sales on or after Aug. 1, 2015.
The maximum number of allowable days has been increased for the following jurisdictions: 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.
The new foreclosure time frames are indicated in the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit, as referenced in Servicing Guide E-3.2-15, Allowable Time Frames for Completing Foreclosure.
The compensatory fee billing moratorium for Washington D.C., Massachusetts, New York and New Jersey remains in effect. The suspension will last, at a minimum, for foreclosure sale dates through Dec. 31, 2015.
This change will be reflected in the October 2015 Servicing Guide update.
source: fanniemae
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