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2011 Fannie Mae Foreclosure Time Frames by State

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by blue_sky, Dec 5, 2011.

  1. blue_sky

    blue_sky LoanSafe Member

    I though some of you might be interested in seeing this info... these are foreclosure timeframes from the time the time of referral to an attorney/trustee and foreclosure, by state. As you can see the times range from 120 in non-judicial states up to 450 for judicial states like FL and NJ... anyway... fyi. If the servicers don't meet these timeframes they can be fined.

    Note, these were first published in June and went into effect in Sept 2011.... I think this explains why some loans are being expedited. Supposedly Freddie Mac was implementing similar timeframes this year.

    You can find out if your loan is owned by Fannie Mae or Freddie Mac by going to www.fanniemae.com or Freddie Mac Home and following the links. Even if your loan is a "BoA" or "Chase" or "Wells Fargo".... it can still be a Fannie or Freddie loan and the bank is the servicer, fyi.

    Here's the link to the table below https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/foreclosuretimeframes.pdf

    Note... I tried to separate the two columns of states below... twice!.... but the formatting wouldn't take... hopefully you can still use it.

    Foreclosure Time Frames

    The table below specifies Fannie Mae’s maximum number of allowable days between referral to
    attorney (or trustee) and foreclosure sale date, as referred to in the Fannie Mae Servicing
    Guide, Part VII, Section 104.08, Allowable Time Frames for Completing Foreclosure.

    Alabama Non‐Judicial 120 Nebraska Judicial 180
    Alaska Non‐Judicial 150 Nevada Non‐Judicial 210
    Arizona Non‐Judicial 150 New Hampshire Non‐Judicial 120
    Arkansas Non‐Judicial 120 New Jersey Judicial 450
    California Non‐Judicial 150 New Mexico Judicial 270
    Colorado Non‐Judicial 180 New York City Judicial 570
    Connecticut Judicial 300 New York Judicial 400
    Delaware Judicial 270 North Carolina Non‐Judicial 150
    District of Columbia
    Non‐Judicial 150 North Dakota Judicial 225
    Florida Judicial 450 Ohio Judicial 300
    Georgia Non‐Judicial 120 Oklahoma Judicial 270
    Guam Non‐Judicial 350 Oregon Non‐Judicial 180
    Hawaii Judicial 350 Pennsylvania Judicial 330
    Idaho Non‐Judicial 240 Puerto Rico Judicial 390
    Illinois Judicial 330 Rhode Island Non‐Judicial 180
    Indiana Judicial 330 South Carolina Judicial 270
    Iowa Judicial 330 South Dakota Judicial 210
    Kansas Judicial 180 Tennessee Non‐Judicial 120
    Kentucky Judicial 270 Texas Non‐Judicial 120
    Louisiana Judicial 240 Utah Non‐Judicial 180
    Maine Judicial 420 Vermont Judicial 360
    Maryland Non‐Judicial 205 Virgin Islands Judicial 360
    Massachusetts Non‐Judicial 200 Virginia Non‐Judicial 120
    Michigan Non‐Judicial 120 Washington Non‐Judicial 180
    Minnesota Non‐Judicial 120 West Virginia Non‐Judicial 140
    Mississippi Non‐Judicial 120 Wisconsin Judicial 330
    Missouri Non‐Judicial 120 Wyoming Non‐Judicial 120
    Last edited: Dec 5, 2011
  2. blue_sky

    blue_sky LoanSafe Member

    So for those more in the know than I.... is the "time it is referred to the attorney/trustee" the NOD date?

    Thanks... blue
  3. thomaspaine

    thomaspaine LoanSafe Member

    In my state (WA) the NOD would arrive after the referral,
  4. blue_sky

    blue_sky LoanSafe Member

    Thanks thomaspaine... I have talked to two local attorneys... I guess I will ask them the specific timeframe for NM.

  5. deelightfull

    deelightfull LoanSafe Member

    very interesting... I have a Freddie Mac loan in CA, so I can guess that when we receive our NOD we've got 4 to 5 months, and we'll plan for that. I really want to move in Sept., so they can take till May to deliver my NOD, that would be fine with me! (we're already 90 days late)
  6. deelightfull

    deelightfull LoanSafe Member

    replied too soon... just hung up with GMAC call center person. They told me that the loan got referred to an attorney yesterday. If that is indeed true then the "due date" is May 5th, 2012. Very interesting!
  7. blue_sky

    blue_sky LoanSafe Member

    dee.... when was your first missed payment? Here're are the Freddie Mac foreclosure timeframes.... same date from time of referral as listed above, but FM also includes the overall timeframe from DDLPI (due date last paid installment) date... so that's the overall timeframe for FC in general.... fyi... And for CA that's 300 days... but since yours has already been referred, you can use the 150 days.


    Note tho that these are target dates so the servicers can get performance incentives... so GMAC may or may not care about these dates... who knows?

    fyi... this link was just released in Nov 2011 and lays out the performance incentives for servicers, as well as all the other new guidelines Freddie wants servicers to follow to speed up the process.

  8. blue_sky

    blue_sky LoanSafe Member

    ps Dee.... here is what the Freddie Mac guidelines says re the servicers getting "dinged" if they don't meet the timeframes laid out above... so I guess there is a carrot if they meet the timeframes and a stick if they don't.... who know if either matter to the svcrs... but maybe if you multiply it by millions they might...
    [h=2]Consistent Compensatory Fees[/h]Consistent foreclosure time line compensatory fees will be assessed to reinforce compliance with the overall foreclosure time line requirements. We anticipate that compensatory fees will become effective for mortgages referred to foreclosure this fall; however complete details will be provided in an upcoming Guide Bulletin.
    As part of the new requirements, there will be a new uniform loan-level calculation for compensatory fees for mortgages referred to foreclosure. Servicers may submit data to correct default management data discrepancies; however, no adjustment will be made to compensatory fees assessed due to data discrepancies.
    Compensatory fees will be calculated as follows: Unpaid Principal Balance (UPB) x Accounting Net Yield (ANY) / 365 * Number of days over the overall allowed time line. The number of days over the overall allowed time line is the actual number of days from the DDLPI to foreclosure sale - (Performance maximum + 150 days to refer to foreclosure + Any allowed delay days).
    Compensatory fees will be billed monthly. Compensatory fees will not be issued if a Servicer’s aggregate amount of monthly compensatory fees is $1,000 or less.
  9. deelightfull

    deelightfull LoanSafe Member

    We didn't pay in Sept., so 90 days late right now. I'm guessing then that we can plan on moving this spring, but no guarantees. I will admit it would be nice to have it over and done with, so we can adjust into the next phase of our lives, even if it will hurt to start making a housing (rent) payment again!
  10. Movin' On Up

    Movin' On Up LoanSafe Member

    blue sky ~ Thank you for sharing these timelines, very cool.

    Did you happen to notice the link at the bottom of the Fannie pdf for USFN.org?

    "Thanks for stopping by to visit our site. USFN® - America's Mortgage Banking Attorneys®, is a resource network serving the mortgage industry. Formerly known as the U.S. Foreclosure Network®, it is the oldest and largest not-for-profit association of mortgage banking law firms and trustee companies in the nation.

    Our website is a valuable educational and informational resource for our Members as well as for mortgage companies, government agencies, investors and others who want to stay up-to-date on legislative and regulatory developments, educational forums, and foreclosure and bankruptcy law."

    Apparently they offer lots of publications for sale: $35-45/each Download Order Form

    Timeline Matrices

    Easy-to-read resources outlining foreclosure and eviction timelines for all 50 states and D.C.
    [TABLE="width: 600, align: left"]
    [TD="width: 10"][/TD]
    [TD] Desk Guides

    An excellent resource of state-by-state information on questions frequently asked in the following areas:
    • Bankruptcy • Foreclosure • Loss Mitigation • REO/Eviction • Privacy/Information Sharing
    • Manufactured Housing
  11. blue_sky

    blue_sky LoanSafe Member

    Hi Movin' On Up... no I did not see that link... looks like possibly some good info... but $35-45 a pop is a little high for me, since I just very very unexpectedly lost my consulting scientist job... due to fed govt insanity...

    That's why I'm walking.... but if anyone buys one, or three, pls let us know what they have to say.

    A local attorney I spoke to said 8-9 mos to foreclosure.... and based on the AZ BofA FC timeframes from loansafe posters, that seems to be the case... but I have heard from another attorney that he knows many people who've lived in their houses for yrs (eg 2 -3 yrs) and foreclosure hasn't happened yet... so it's kind of hard to know. Altho it would appear that Fannie and Freddie (my loan is a Frannie) are pushing to speed things up...

    I'm really struggling with whether to move on to my new life (in Mexico) or to stay and hope for a Coop Short sale or cash incentive.... I read in another website that BofA has just unloaded 400,000 mortgages to Green Tree (I haven't heard anything yet, but my loan was former Countrywide, so I may be in that dump too)... and supposedly they are terrible... so if that happens I will probably vacate.

    It's also tough because this was going to be my "forever" home and I poured lots o' money into it... I am still trying to sell... but it's a remote possiblity... altho I do believe in miracles!!
  12. Movin' On Up

    Movin' On Up LoanSafe Member

    Hi blue sky,
    I may purchase a guide or two after the holidays. If so, I will definitely share the info. Sorry to hear about your job loss and the indecision on when to move to Mexico. Losing your "forever home" has got to be pretty rough! Mine was only a starter home and it was a painful enough decision. I'll send some positive thoughts your way. Maybe you'll get a xmas miracle sale :)
  13. blue_sky

    blue_sky LoanSafe Member

    Hi Movin'OnUp.... Thanks for the good thoughts... I got a response to my craigslist ad last night that someone is interested in my house!! Pls continue the positive vibes... he's coming over on Sat I think... waiting to hear back. w00t! I fee really positive and remember something a wise person told me many years ago re housing "It only takes one!" I'll let you know how it goes....

    Plus I'm going to meet tomorrow afternoon with the folks that own a big piece of property right next to me (empty field).... maybe they will be interested... fingers crossed for one of them to come through.
  14. blue_sky

    blue_sky LoanSafe Member

    hey movin' on up! Guess what?!? I sold my house yesterday... to the second guy that saw it!!!!!!! and I got $65K over what I owe on it... which IS truly a miracle!!!!! Two realtors told me to list it for $30K less than what I sold it for. I am basically breaking even with all the money I put in the house... but I am thrilled... there are many houses (priced higher) around me that have been on the market over a year .... so thanks for your good thoughts on my behalf!!

    Anyway... good luck with your walk! Best to you....
  15. Movin' On Up

    Movin' On Up LoanSafe Member

    Wow, that is astounding!!!
    You're welcome, I am very happy for you & congrats! A great way to start the New Year!

    Now comes the moving part, ugh! I took possession of my new house a few days ago, so I've already begun the process.

    Thank you & Be well...

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