9301.45: State foreclosure timelines (12/13/17)

© Freddie Mac Single-Family Seller Servicer Guide

A foreclosure timeline is the time it takes to process a foreclosure. The timeline is measured in days from the DDLPI to the date of the foreclosure sale.

Therefore, the timeline consists of the time it should take from the DDLPI to the date the Mortgage is referred to foreclosure counsel (see Sections 9301.4 and 9301.5 through 9301.7), plus the time it takes from the referral date of foreclosure to the foreclosure sale date.

The timeline does not include any post-sale redemption or confirmation periods. Freddie Mac has a timeline for each State which is the number of days it should take to process a foreclosure in the State under most circumstances.

For conventional Mortgages, the Servicer must complete the foreclosure sale within the foreclosure timeline (from DDLPI to foreclosure sale) for the State in which the property is located, as listed in Exhibit 83, Freddie Mac State Foreclosure Timelines. The Servicer must comply with FHA, VA and RHS timelines for all Mortgages insured by the FHA or guaranteed by the VA or RHS.

If the foreclosure sale was delayed due to one of the allowable State foreclosure timeline delays listed in Section 9301.46, the timeline from DDLPI to the foreclosure sale date will be increased to account for the allowable delay based on the information the Servicer reports to Freddie Mac via EDR. Refer to Exhibit 83A, Determining State Foreclosure Timeline Compensatory Fees, for details on how Freddie Mac determines the additional time to be granted for allowable delays.

The Servicer must have procedures and processes in place to manage its State foreclosure timeline performance. To assist with monitoring performance, the Servicer may access reports, accessible via the "Foreclosures" tile of the Servicer's Servicer Performance Profile (SPP) (see Exhibit 88, Servicing Tools), on foreclosure sales completed. The reports in the SPP will be based on information and data the Servicer reported to Freddie Mac. Servicers should review the reports regularly to ensure the information and data they reported was complete and accurate.

Reduction in timelines

At any time and in its sole discretion, Freddie Mac may reduce a State's foreclosure timeline set forth in Exhibit 83 and further, may subject loans to revised timelines and associated compensatory fee calculations that were referred to foreclosure as of the effective date of the reduced timeline.