Florida, Connecticut, Illinois, New Jersey, and New York Could See Higher Mortgage Fees Because of Lengthy Foreclosures
The Federal Housing Finance Agency is proposing charging more for all mortgages in Florida and a handful of other states that have lengthy foreclosure processes.
The FHFA released the plan early this morning. It would charge additional fees each month on mortgages in Connecticut, Florida, Illinois, New Jersey, and New York, which have foreclosure timelines between 480 days (Illinois) and 820 days (New York).
The agency estimates the time it takes to foreclose on a Florida home is 660 days.
Copy of the FHFA plan below…