Fannie Mae has established time frames within which it expects routine foreclosure proceedings to be completed. See the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit for the maximum number of allowable days within which routine foreclosure proceedings are to be completed.
The maximum number of allowable days
denotes the maximum allowable time lapse between the due date of the LPI and the completion of the foreclosure sale;
represents the time typically required for routine, uncontested foreclosure proceedings;
reflects the legal requirements of the applicable jurisdiction; and
takes into consideration delays that may occur outside of the control of the servicer.
For more information please see: E-3.2-15: Allowable Time Frames for Completing Foreclosure.