Monday, September 7, 2015

Freddie Mac Announces Extensions of State Foreclosure Timelines in Oregon Team Thayer Real Estate News

freddiemac Team ThayerFreddie Mac has announced that as part of the periodic review, state foreclosure timelines have been extended in 34 of 55 jurisdictions including Oregon  for all foreclosure sales completed on or after Aug 1, 2015.
The temporary suspension of state foreclosure timeline compensatory fee assessments in the District of Columbia, New York (including New York City), and New Jersey has been extended from June 30, 2015, to December 31, 2015, according to Freddie Mac.
The Enterprise originally announced the temporary suspension in the Single-Family Seller/Servicer Guide Bulletin 2014-19. The temporary suspension and the extended foreclosure timelines recently announced will be discussed in Freddie Mac's October 2015 Guide Bulletin.
Freddie Mac extended state foreclosure timelines as follows as part of the periodic review. The length of time is measured in calendar days, and the number of days here refers to the maximum number of allowable days between the due date and the last paid installment:
480 days:
  • Oregon (600 to 1,080)
30 days:
  • Alaska (450 to 480)
  • Arizona (330 to 360)
  • California (510 to 540)
  • Georgia (330 to 360)
  • Idaho (540 to 570)
  • Louisiana (510 to 540)
  • Michigan (300 to 330)
  • Oklahoma (570 to 600)
  • South Dakota (570 to 600)
  • Texas (390 to 420)
  • Wisconsin (510 to 540)
  • Wyoming (330 to 360)
60 days:
  • Arkansas (450 to 510)
  • Connecticut (750 to 810)
  • Illinois (630 to 690)
  • Kansas (420 to 480)
  • Kentucky (540 to 600)
  • Maryland (660 to 720)
  • Pennsylvania (750 to 810)
  • Tennessee (300 to 360)
  • Washington (660 to 720)
90 days:
  • New Hampshire (420 to 510)
  • Puerto Rico (720 to 810)
  • Vermont (810 to 900)
  • West Virginia (300 to 390)
120 days:
  • Colorado (420 to 540)
  • Florida (810 to 930)
180 days
  • Delaware (780 to 960)
  • Rhode Island (660 to 840)
210 days:
  • Nevada (690 to 900)
  • New Mexico (720 to 930)
240 days:
  • Hawaii (840 to 1,080)
300 days:
  • Maine (690 to 990)

To view a complete table of Freddie Mac's revised foreclosure timelines, click here.
To view Fannie Mae's foreclosure timelines, click here.
Team Thayer  www.teamthayer.com

Justin Lee Thayer is Lane counties expert in market analysis for real estate investors. Call Justin @ 541-543-7287