Fannie Mae announced on Wednesday that has it had updated its Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit to reflect that the District Columbia is now a judicial foreclosure jurisdiction.
It was originally announced by Fannie Mae in a Servicing Notice dated July 30, 2014, that new foreclosures in the District of Columbia must be commenced as judicial foreclosures.
The District of Columbia now has a longer number of allowable days between the due date of the last paid installment (LPI) and the foreclosure sale date at 1,230, or exactly two years, than any of the 50 states, according to Fannie Mae. The state with the longest such period of time under Fannie Mae’s foreclosure timelines is Maine, a judicial foreclosure state with 1,050 days, though the jurisdiction of New York City has the longest such period of time with 1,110 days.
The District of Columbia had the fifth-highest foreclosure inventory rate in the country (behind New Jersey, New York, Hawaii, and Florida) in January 2016, according to the latest CoreLogic National Foreclosure report. Despite this, only 97 foreclosures were completed in the District of Columbia during the 12-month period ending on January 31, 2016, the lowest total among the 50 states and D.C.
Last September, Freddie Mac announced that as part of a periodic review, state foreclosure timelines have been extended in 34 of 55 jurisdictions for all foreclosure sales completed on or after August 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.
Freddie Mac originally announced the temporary suspension in the Single-Family Seller/Servicer Guide Bulletin 2014-19.
Click here to view Fannie Mae’s updated list of foreclosure timelines and compensatory fees.