Fannie Mae Updates Fraudclosure Time Frames Nationwide – FL Up from 185 Days to 450 Days

Announcement SVC-2011-07 June 6, 2011

Updates to Foreclosure Time Frames and Imposition of Compensatory Fees


On April 28, 2011, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to establish consistent mortgage loan servicing and delinquency management requirements. Consistent with the directive, this Announcement communicates to Fannie Mae servicers clear and consistent expectations regarding the maximum allowable time frame to complete the foreclosure process, and standardized requirements for determining compensatory fees for mortgage loans that are held in Fannie Mae’s portfolio or that are part of an MBS pool that has the special servicing option or a shared-risk MBS pool for which Fannie Mae markets the acquired property.

Updates to Allowable Foreclosure Time Frames

With this Announcement, Fannie Mae has updated the maximum number of allowable days within which routine foreclosure proceedings are to be completed in each jurisdiction as provided in the Servicing Guide, Part VIII, Section 104.08: Allowable Time Frames for Completing Foreclosure, and in Foreclosure Time Frames on

The maximum number of allowable days within which foreclosure proceedings are to be completed denotes the maximum allowable time lapse between the day the case is referred to the attorney (or trustee) to commence a foreclosure action, and the completion of the foreclosure sale in each jurisdiction. The maximum allowable time lapse represents the time typically required for routine, uncontested foreclosure proceedings, given the legal requirements of the applicable jurisdiction, and takes into consideration delays that may occur outside of the control of the servicer.

Effective as of January 1, 2011, any Fannie Mae mortgage loan referred to an attorney (or trustee) to initiate foreclosure proceedings must not exceed the revised maximum number of allowable days within which routine foreclosure proceedings are to be completed as referenced in Foreclosure Time Frames.

Fannie Mae monitors the servicer’s management of the foreclosure process by reviewing each mortgage loan for which action was expected to be completed. Fannie Mae will utilize the delinquent loan status code data and other information collected from the servicer during other interactions to identify delays in the foreclosure process. If the number of days within which foreclosure proceedings for a mortgage loan are completed exceeds the maximum number of allowable days, and no reasonable explanation for the delay is provided to Fannie Mae through monthly delinquency status reporting or other information exchange protocols, Fannie Mae will require the servicer to pay a compensatory fee as outlined below. Examples of reasonable explanations for delays include bankruptcy; probate; military indulgence; contested foreclosure; cases where the mortgage loan is currently in review for the Home Affordable Modification.

Program or is in an active modification trial plan; or recent legislative, administrative, or judicial changes to existing state foreclosure laws – provided that the servicer is diligently working toward resolution of the delay to the extent feasible. Fannie Mae will not impose compensatory fees for delays beyond the control of the servicer, provided that the delinquency status codes reported by the servicer on the loan are timely and accurate.
Fannie Mae will continue to monitor foreclosure time frames and will periodically, pursuant to FHFA’s direction, adjust the time frame expectations on accordingly. Servicers are encouraged to review this information on a regular basis for updates.

Full announcements and state time frames below…



Fannie Updates to Foreclosure Time Frames

Fannie Foreclosure Time Frames

17 Responses to “Fannie Mae Updates Fraudclosure Time Frames Nationwide – FL Up from 185 Days to 450 Days”
  1. incognito123 says:

    Think about something – WHY is fannie/freddie dictating to ‘servicers’ how long a foreclosure can take? *IF* they own it, THEY should be suing, not a ‘servicer’, HOWEVER, big obstacle to that, because, WHO owns them (at least supposedly – I realize it is pretty convoluted) – hmmm, ummmm, WE THE PEOPLE own fannie/freddie, so WHY would we sue ourselves?

  2. woodknot says:

    450 days-they should spell it DAZE.
    -they certainly covered every “reasonable explanation” ; excuse for these plaintiffs/servicers for
    not making the 450 daze requirement……….
    My Florida Judicial Foreclosure is 947-(nine hundred & forty seven) DAZE old.
    Someone please tell me how this will or will not help us ?

    • l vent says:

      I think the beast is dying, too slowly for most. I simply do not think they know what to do with us. The ultimate goal was to make us a nation of renter’s. The U.N. already holds all of our land in fee simple because of treason from within. We never own our land because of property taxes. Now they want the same with houses. Now they know, the American people are never going to lay down for that bullshit. The American people are fighting mad. The U.N./NEW WORLD ORDER/VATICAN/JESUITS should just face the fact, all of their evil plans have failed. Time for their perps IMF OWNED AND CONTROLLED Fannie and Freddie to walk away before the American people go vigilante on them and all of their lawyer crooks…

  3. talktotennessee says:

    My granny would say that is like purgative, will clear the system. It changes little really but will punish the lenders for “holding” which will make them more diligent in processing. It is a shot across the bow that efficiency is required. What it could do on the backhand is lengthen processing time the lender refers the package to the trustee or attonrey to offset the time frame unless there is a dictated requirement. Before referral they could work modification on those that indicate a willingness but if default is set in stone it will push through the process. If the period to default is required by law, it will rush the process.

    In TN a non-judicial state it is 120 days so this is not necessarily an extension of time but a deadline within which the lender is confined or suffer consequences. In FLA it is 450 which will place pressure on the judicial system to speed the process even quicker than they do now.

    It may clear out shadow inventory that lenders are holding because they don’t want to service the property as an REO. The consequences will mean that REOs will flood the market. Some people believe letting it bottom out will clear it to reset sooner but I don’t see it like that. It could be an instant shock to the market that could make matters worse. If the dumped inventory does not sell things could be infinitely worse. It isn’t just derelict properties hitting the market but high end too, which forces underwater situations throughout. To further dip value for those struggling may just force walk aways.

    My thinking is there is little remedy until Congress acts to force the lenders to modify what they can and that means reducing principal, the bleeding will continue. In large metro areas, these brokers sold sham loans for everything that had a brick or stick on it that they could get an appraisal on. No one wants these houses now and most are falling fast into decay where they will require demolition. The lots they sit on are worthles in some of the ghetto areas. But in high end areas, value loss in competition with REO liquidations is destroying people’s values, a potential larger future issue.

    Just more diversion and little help for anyone. Attack the problem, modify loans and principal for people who can pay and let the rest fall by the wayside or at least modify through bankruptcy judges. Force banks and lenders to pay heavily if they refuse to work the process. The lenders and bankers who did this need a slap but they need to money and modification on the table. I don’ t see Congress with enough guts in either party to make it happen.

    This is not really a good thing in my opinion.

    • l vent says:

      talktotennessee, F—-OFF. NO ONE HERE BELIEVES YOUR B.S.

    • l vent says:

      Tell the foreign multinationals their collateral lien was never secured by their perps because our homes are paid for free and clear because of their PONZI SCHEME attempts at WORLD DOMINATION.. They can’t fraudclose and steal our homes because they DO NOT own them. The should all reap the evil they have sown.

    • Readdocs says:

      Some of these situations can never be fixed because of the destruction of the original documents.
      Others can, through negotiations and hard work, be repaired.
      The underwater mortgages that are still being paid need attention too. Because more of these
      home owners may decide it is worth the 7 years of low credit rating to walk away from their homes.
      Others will sit it out, as they’ve no intention of moving on.
      We all need to decide to be as responsible as possible, and the ones who’ve caused this crisis need
      to be held accountable, prosecuted and face some jail time.

      • talktotennessee says:

        This question was posed to an attorney friend who said, who would they prosecute and what would make it stick in a criminal fraud situation? I am not defending the lenders when I say that it is unlikely any criminal charges will ever be filed. To wear out the “too big to fail” concept, the people who are responsible for the problem are everyone involved. Remember the old saw, I have met the enemy and it is I. From the homeowner, agent, mortgage broker, bank, rating industry and even the investor who bought a pig in a poke product promising high safe return. Don’t forget the government. Everyone had a piece of the action to make it work.

        Having said that, the banks who created the product and deceived the public through their brokers, loan officers, and finally covered it up illegally to thwart legal process need to step up and correct. They have responsibility. Congress needs to hold their feet to the fire. Alas, our Congress is taking their handouts for campaigns, parties, trips, perks, etc. Hard to bite the hand that feeds. No correction seen there except to spout rhetoric though fruitless hearings. We are a reactionary society that closes the gate after the stampede. Unfortunately Congress is reluctant to even close the gate, much less to round up the herd and make whole.

      • l vent says:

        The fraudclosures should have been halted a long time ago. The homeowners did nothing wrong. The Liars Loans and the bundling of a few good loans with a ton of bad risk along with the Credit Default Swap insurance proves the set up to fail. They also knew they were creating a housing bubble and the defaults would come and then they would crash the market and steal our wealth. It is a known fact they used insider trading to intentionally cause the stock market to crash in 2008. CNBC spoke about this a couple of weeks ago. This whole mess was caused by pure greed and the ultimate goal of WORLD DOMINATION BY THE RULING ELITE.. There is a you tube video that proves this is true entitled CNBC ILLUMINATI CRASHES STOCK MARKET. This whole cover up for all of this mortgage fraud started on 9/11. They crashed those planes right into Wall Street. Who do they think they are fooling? We were all as responsible as possible. We were all going along just fine, paying our bills and our mortgages on time, little did we all know there was a ticking time bomb about to be detonated on the world. It is now called FORECLOSUREGATE..

  4. CORVIN says:

    If the servicer does not complete on time, what is the penalty? And, more importantly, can the Federal agency FHFA, impose any sanctions on Fannie and Freddie, who were called “private” companies by FHFA chief DeMarco when it came to imposing FOIA requirements on them? Page 8

    • l vent says:

      They broke every law in the book. There fraud was intentionally massively deceptive, malicious, pernicious, rampant and pervasive. They never perfected their collateral lien FOR THEIR FOREIGN MULTINATIONAL OWNERS, they broke their own LEGAL contract by not following the TERMS AND CONDITIONS OF THE PSA’s GOVERNING THE CONVEYANCE OF MORTGAGE LOANS INTO THE TRUST. NEW YORK TRUST LAW MANDATES THEY FOLLOW THE TERMS AND CONDITIONS OF THE PSA TO PERFECT THEIR COLLATERAL LIEN, THEY DID NOT DO THIS, EVER. Now they should reap what they have sown. Our homes are paid for free and clear because of their PONZI SCHEME.

    • l vent says:

      Key word, FEDERAL .ALL FEDERAL TRANCHES ARE A/K/A THE U.N./NEW WORLD ORDER/VATICAN/JESUITS. They are the great deceivers. They are the imposters and the 5000 lb gorilla in the room. They pose as American institutions. They are not. That is how they pulled this Ponzi Scheme off. Fannie and Freddie were privately owned? Yeah right!!! The IMF is their largest shareholder and who owns the IMF? They have hijacked America. They have bought up and own our treasonist politicians and both parties are completely corrupted and useless. They use many proxies to get their evil plans to work such as the World Bank, The IMF, The Central Banks, THE G8, many members of CONgress are NEW WORLD ORDER MEMBERS, THE CFR, THE BILDERBERGS, THE BRITISH MONARCHY, The Federal Reserve, THE SMOM/VATICAN/JESUIT OWNED GOLDMAN SAKS, WALL STREET, K street,The Catholic Church, The Pope, The Cardinals, GEORGE SOROS, FANNIE/FREDDIE, MERS, THE MILITARY INDUSTRIAL COMPLEX, THE BANKING INDUSTRIAL COMPLEX, HOLLYWOOD, THE ILLUMINATI, BIG PHARMA, BIG OIL, THE IRS, They are who assassinated J.FK, The K.K.K,, THE FDIC,THE SAUDIS, AL QUAEDA, BIN LADEN, THE TOP LEVELS OF THE CIA ,Alan Greenspan, Bernanke, Geithner, Paulson, Cheney, Blankfein, FINCEN, NORAD, THE CME, HAMP, HAARP,THE NYSE/EURONEXT, FEMA, FOX REPORTED THE FBI CAUGHT THE MOSSAD RED HANDED AND THEY ARE WHO DID 9/11, ISRAEL, THE NUMBER 11, THE U.N., NASA, NAFTA, THE COPS, THE COURTS, GM, CHRYSLER AND FORD, THE MAINSTREAM MEDIA,THE WCPA, THE FCC, THE BANKING REGULATORS, THE RATINGS AGENCIES, THE TITLE CO’s, THE MULTINATIONAL CORPS SUCH AS SEARS HOLDINGS AND SO ON, the list goes on and on and on..They have infiltrated everything,but they do not own America yet. The only thing standing between us and them is our U.S. CONSTITUTION AND OUR U.S. BILL OF RIGHTS. They want no sovereign nations. They want a one world fascist dictatorship and a cashless, microchipped society full of peasant slaves where the people can aquire no wealth and no ownership of anything of real monetary value. They are who hate our freedom. Death to the foreign multnational New World Order Tyranny!!! We The People are at war with all of them.

  5. l vent says:

    Sheila Baird spoke today about the bad behavior of the banks is what caused this mess. She should tell that to Fannie Mae and tell them what they already know, that their FOREIGN MULTINATIONAL LIEN is worthless because their bankster perps NEVER securitized the loans by transferring these loans properly to the trusts as NEW YORK TRUST LAW REQUIRES THEY STRICTLY FOLLOW THE TERMS AND CONDITIONS OF THE PSA GOVERNING CONVEYANCE OF MORTGAGE LOANS INTO THE TRUST. So their perps never perfected their collateral lien. Our homes are paid for free and clear because of their PONZI SCHEME. They all got filthy stinking rich and now their masters are just being to GREEDY, STEALING HOMES THEY DO NOT OWN.

  6. leapfrog says:

    The bankster spin doctors are out in full damage control mode today – read the article & comments. Good to see they are worried – they should be:

    • l vent says:

      leapfrog, I can see that by the liars who have returned from their foxholes to spread more of their “good will” towards men on this websilte. All the devil’s and there cohorts are here.

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