[Federal Register Volume 80, Number 233 (Friday, December 4, 2015)]
[Notices]
[Pages 75899-75900]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30592]


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DEPARTMENT OF VETERANS AFFAIRS


Loan Guaranty: Maximum Allowable Foreclosure Timeframes

AGENCY: Department of Veterans Affairs (VA).

ACTION: Notice.

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SUMMARY: This notice provides information to participants in the U.S. 
Department of Veterans Affairs (VA) home loan guaranty program 
concerning the state foreclosure timeframes allowable in the 
calculation of the maximum interest payable on a foreclosure of a VA-
guaranteed loan. The table in this notice contains the timeframes the 
Secretary has determined to be reasonable and customary for all states, 
following an annual review of amounts allowed by other government-
related home loan programs.

DATES: The new foreclosure timeframes will be effective for all loan 
terminations completed on or after January 4, 2016.

FOR FURTHER INFORMATION CONTACT: Andrew Trevayne, Assistant Director 
for Loan and Property Management, Department of Veterans Affairs, 810 
Vermont Ave. NW., Washington, DC 20420, (202) 632-8795 (not a toll-free 
number).

SUPPLEMENTARY INFORMATION: In accordance with 38 U.S.C. Chapter 37, the 
VA home loan guaranty program offers a partial guaranty against loss to 
lenders who make home loans to Veterans. VA regulations concerning the 
payment of loan guaranty claims are set forth at 38 CFR 36.4300, et 
seq. Computation of guaranty claims is addressed in 38 CFR 36.4324, 
which states that one part of the indebtedness upon which the guaranty 
percentage is applied is the allowable expenses/advances as described 
in 38 CFR 36.4314 (re-designated from Sec.  36.4814).
    The Secretary annually reviews timeframes in connection with the 
termination of single-family housing loans including foreclosure, deed-
in-lieu of foreclosure, and bankruptcy-related services, issued by the 
Department of Housing and Urban Development (HUD), Fannie Mae, and 
Freddie Mac. See 38 CFR 36.4322(a). Based on increases announced over 
the past year by these entities, the Secretary has deemed it necessary 
to publish in the Federal Register revised timeframes the Secretary now 
determines reasonable and customary.
    The following table represents the Secretary's determination of the 
reasonable foreclosure timeframes for the preferred method of 
terminating VA-guaranteed loans and mirrors the timeframes allowed by 
Fannie Mae. This table will be available throughout the year at: http://www.benefits.va.gov/homeloans/. Pursuant to 38 CFR 36.4314(f)(2) and 
36.4324(a)(3)(ii), a guaranty claim can include unpaid interest for a 
period of up to 210 calendar days from the due date of the last paid 
installment, in addition to the State calendar day timeframe for 
foreclosure.\1\ These timeframes will be allowed for all loan 
terminations completed on or after January 4, 2016.
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    \1\ VA will extend the timeframes above, and increase the amount 
of resultant interest payable under a claim, if VA determines that 
an acceptable cause prevented the holder from foreclosing timely. 
For an in-depth explanation of the allowable causes and the 
procedures for requesting increases, see 38 CFR 36.4314(f)(2), 
36.4324(a)(3)(ii), VA Loan Electronic Reporting Interface (VALERI) 
Servicer guide, and VA's Web site at http://www.benefits.va.gov/homeloans/servicers_valeri.asp.

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                                                             Timeframe
                      Jurisdiction                           (calendar
                                                               days)
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Alabama.................................................             360
Alaska..................................................             450
Arizona.................................................             330
Arkansas................................................             450
California..............................................             510
Colorado................................................             420
Connecticut.............................................             750
Delaware................................................             780
District of Columbia....................................             300
Florida.................................................             810
Georgia.................................................             330
Guam....................................................             500
Hawaii..................................................             840
Idaho...................................................             540
Illinois................................................             630
Indiana.................................................             570

[[Page 75900]]

 
Iowa....................................................             630
Kansas..................................................             420
Kentucky................................................             540
Louisiana...............................................             510
Maine...................................................             690
Maryland................................................             660
Massachusetts...........................................             440
Michigan................................................             300
Minnesota...............................................             390
Mississippi.............................................             360
Missouri................................................             330
Montana.................................................             450
Nebraska................................................             420
Nevada..................................................             690
New Hampshire...........................................             420
New Jersey..............................................             750
New Mexico..............................................             720
New York--Western Counties \2\..........................             820
New York--Eastern Counties..............................             990
North Carolina..........................................             450
North Dakota............................................             630
Ohio....................................................             570
Oklahoma................................................             570
Oregon..................................................             600
Pennsylvania............................................             750
Puerto Rico.............................................             720
Rhode Island............................................             660
South Carolina..........................................             600
South Dakota............................................             570
Tennessee...............................................             300
Texas...................................................             390
Utah....................................................             540
Vermont.................................................             810
Virgin Islands..........................................             510
Virginia................................................             390
Washington..............................................             660
West Virginia...........................................             300
Wisconsin...............................................             510
Wyoming.................................................             330
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Signing Authority

    The Secretary of Veterans Affairs, or designee, approved this 
document and authorized the undersigned to sign and submit the document 
to the Office of the Federal Register for publication electronically as 
an official document of the Department of Veterans Affairs. Robert L. 
Nabors II, Chief of Staff, Department of Veterans Affairs, approved 
this document on November 20, 2015, for publication.
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    \2\ Western Counties of New York for VA are: Allegany, 
Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, 
Ontario, Orleans, Steuben, Wayne, Wyoming, and Yates. The remaining 
counties are in Eastern New York.

    Dated: November 30, 2015.
Michael Shores,
Chief Impact Analyst, Office of Regulation Policy & Management, Office 
of the General Counsel, Department of Veterans Affairs.
[FR Doc. 2015-30592 Filed 12-3-15; 8:45 am]
 BILLING CODE 8320-01-P