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.