REGIONAL OFFICE
NORRIS COTTON FEDERAL BUILDING
275 CHESTNUT STREET
MANCHESTER, NH 03101
June 12, 2003
In Reply Refer to: 373/26
LOAN GUARANTY INFORMATION LETTER NO. 26-03-01
TO: ALL SERVICERS AND HOLDERS - FORECLOSURE DEPARTMENT
SUBJECT: VA FORECLOSURE TIMEFRAMES FOR STATES IN THE JURISDICTION OF THE REGIONAL LOAN CENTER, MANCHESTER, NEW HAMPSHIRE
The purpose of this release is to provide guidance on the timeframes used by this office
in calculating initial cutoff dates under 38 CFR 36.4319(f), effective June 16, 2003.
FORECLOSURE TIMEFRAMES
The timeframes represent the interval from referral to counsel to begin foreclosure,
until the completion of the action. A reasonable time allowance was provided for
completion of the foreclosure action. This amount of time assumes an uncontested
foreclosure, which is not delayed by publication because not all parties can be
personally served. It may be extended when warranted by circumstances. The
legal procedure given for each State is generally the most common procedure used.
Should any other foreclosure process be required, please consult our loan
administration staff to determine the circumstances this may be acceptable, and if
additional time will be granted.
| CONNECTICUT | Strict Foreclosure Foreclosure by Sale | 180 days 180 days |
| MAINE | Foreclosure by Sale | 300 days |
| MASSACHUSETTS | Judicial Order-Sale & Deed | 240 days |
| NEW HAMPSHIRE | Judicial Order-Sale & Deed | 120 days |
| RHODE ISLAND | Non-Judicial-Sale & Deed | 120 days |
| VERMONT | Judicial-Certificate of Non-Redemption | 300 days |
| NEW YORK | Judicial-Referee's Sale | 240 days |
IN THE FOLLOWING NY COUNTIES ONLY:
Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston,
Monroe, Niagara, Ontario, Orleans, Steuben, Wyoming, Yates and Wayne.
| NEW YORK | Judicial-Referee’s Sale | 270 days |
ALL OTHER NY COUNTIES
LIQUIDATION APPRAISALS
A current VA liquidation appraisal is required for all foreclosures on VA guaranteed
loans before bidding instructions will be issued. You are required to order the
appraisal 30 days prior to the foreclosure. However, we recommend the appraisal
be ordered 45 days prior to the sale date, law date, or redemption period.
REFERENCE
Please refer to VA Servicing Guide, Chapter 4 Termination By Foreclosure,
Paragraph 4.03 Cutoff Date-Application of 38 CFR 36.4319(f) for further information
regarding the establishment and adjustment of cutoff dates. The VA Servicing
Guide is available on our website at:
www.vba.va.gov/ro/manchester/lgymain/loans.html
QUESTIONS
Please contact Susan Sigler, Loan Administration Officer, at 603-666-7484, or
E-Mail at lgyssigl@vba.va.gov.
Your continued support in helping us provide quality housing assistance for veterans
and their families is appreciated.
KEITH C. BOERNER
Loan Guaranty Officer