Tuesday, December 02, 2008

Temporary Foreclosure Suspension

In an effort to keep at-risk borrowers from losing their homes, Fannie Mae and Freddie Mac announced that they are suspending foreclosures and evictions during the holiday season from November 26 through January 9. The temporary suspension will extend Fannie and Freddie’s recently unveiled mortgage modification program to homeowners who haven't paid their mortgages for three months. Fannie and Freddie estimate that as many as 16,000 borrowers may benefit from the suspension. "With this suspension, seriously delinquent borrowers may have an opportunity to avoid foreclosure and work out terms to stay in their homes," said James Lockhart, Director of the Federal Housing Finance Agency.

14 comments:

donald said...

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Jose Lopez said...

This will be a temporary thing. It only allows people to stay in their home through the holidays. There is a giant wave of foreclosures coming right after the first of the year.

Jose Lopez
Sarasota Florida Foreclosures

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kim-free ads said...

Though it is temporary, it will be a great help to those at risk to think of other possible way to pay or better yet, find other place to stay.

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Richard Stabile Bergen County Real Estate said...

In many parts of the country the market volume has picked up. In Florida which is one of the hardest hit, volume is now up for 5 months in some areas. The same goes for Southern California, Nevada and many other areas. Bergen County has not been hit as hard as these areas and did not go up as much as they did. Bergen was lucky not to be that speculative of an area. The bottom has been forming in my opinion, although it is taking time, there is a lot of money coming back into the market from the federal government in many forms. It will really start to be felt in the next month or so.

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CityKid said...

Hopefully it will help some people.

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Rajesh said...

Foreclosure suspension is a good move.
Boise real estate

Smarry said...

In many parts of the country the market volume has picked up

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Smarry
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