After last year's nationwide foreclosure disaster, Fannie Mae has issued two announcements to its servicers this week.

These announcements include new guidelines that will change the way that servicers interact with their loan holders. In addition, new foreclosure timelines will be offered along with outreach programs to better educate loan holders about their investments. The first announcement, 2011-07, extends the maximum number of days that foreclosures can go ahead before compensatory fees are placed on loan holders. To check the timelines for your area, visit eFannieMae.com within the next few weeks.

If your foreclosure proceeding goes beyond the allowable time, your loan provider will need to inform Fannie Mae. Reasons for extended foreclosure proceedings could include a contested foreclosure, military indulgence, a bankruptcy action and loans that are still under review for modification.