Fannie Mae has announced that it will increase the maximum number of allowable days for a foreclosure sale in 33 states, including Florida. According to the announcement, Freddie Mac also increased the maximum number of allowable days 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. Both enterprises have indicated that these new foreclosure timelines apply to all foreclosure sales completed on or after Aug. 1.
Florida’s new foreclosure timeline went from 810 allowable days to 930 days, as of August 1, 2015. This gives homeowners a 120 day increase. The maximum number of allowable days represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale, according to Freddie Mac. The allowable time frame also represents the required time frame for foreclosure proceedings that are deemed “routine” or “uncontested.”
These allowable time frames reflect the legal requirements of the applicable jurisdiction, and consider time delays that might occur outside of the servicer’s control. If a foreclosure sale should exceed the indicated maximum number of allowable days and an adequate explanation for the delay is not given, Freddie Mac will require the servicer to pay a “compensatory fee.”
Fannie Mae and Freddie Mac have also extended the state foreclosure timeline compensatory fee assessments for the District of Columbia, Massachusetts, New York (including New York City), and New Jersey, until Dec. 31.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.