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Freddie Mac Updates to State Foreclosure Time Lines

Investor Update
September 3, 2015

As part of our periodic review of State foreclosure time lines, we’ve increased State foreclosure time lines for all foreclosure sales completed on or after August 1, 2015, in 34 of the 55 jurisdictions. You’ll see these changes reflected in your September Compensatory Fee Analysis report. Please review the updated time lines below.
 
We’ve also extended the temporary suspension of State foreclosure time line compensatory fee assessments in the District of Columbia, Massachusetts, New York (including New York City), and New Jersey from June 30, 2015, to December 31, 2015. The temporary suspension was originally announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-19 [pdf].
 
NOTE: The changes discussed in this article will be formally announced in our October 2015 Guide Bulletin, including updates to Guide Exhibit 83, Freddie Mac State Foreclosure Time Lines.

Updated Freddie Mac State Foreclosure Time Lines

The following table shows our prior and updated foreclosure time lines (in calendar days):

State

Foreclosure Time Lines
(effective 11/1/14)

Foreclosure Time Lines
(effective 8/1/15)

Alabama

360

360

Alaska

450

480

Arizona

330

360

Arkansas

450

510

California

510

540

Colorado

420

540

Connecticut

750

810

Delaware

780

960

District of Columbia

300

300

Florida

810

930

Georgia

330

360

Guam

500

500

Hawaii

840

1,080

Idaho

540

570

Illinois

630

690

Indiana

570

570

Iowa

630

630

Kansas

420

480

Kentucky

540

600

Louisiana

510

540

Maine

690

990

Maryland

660

720

Massachusetts

440

440

Michigan

300

330

Minnesota

390

390

Mississippi

360

360

Missouri

330

330

Montana

450

450

Nebraska

420

420

Nevada

690

900

New Hampshire

420

510

New Jersey

750

750

New Mexico

720

930

New York

820

820

New York City

990

990

North Carolina

450

450

North Dakota

630

630

Ohio

570

570

Oklahoma

570

600

Oregon

600

1,080

Pennsylvania

750

810

Puerto Rico

720

810

Rhode Island

660

840

South Carolina

600

600

South Dakota

570

600

Tennessee

300

360

Texas

390

420

Utah

540

540

Vermont

810

900

Virgin Islands

510

510

Virginia

390

390

Washington

660

720

West Virginia

300

390

Wisconsin

510

540

Wyoming

330

360

For More Information

  • Sign up for Single-Family news emails, updates, alerts, and education opportunities on our Subscription Center.
  • Visit Freddie Mac’s Learning Center for information on our training programs and reference tools.
  • Contact your Freddie Mac representative.

Source: Freddie Mac

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties