If you are facing foreclosure and have been afraid to answer the door, fear not, at least not for the next week or so. On December 19, Fannie Mae and Freddie Mac suspended all foreclosure evictions through the New Year. Citigroup has put a hold on them until January 17, 2010.
It was a dose of Holiday cheer in troubled times, allowing homeowners in distressed situations to focus on family and fun, rather than the wolf at the door. It has also given them a bit of breathing room.
I can imagine little worse than being booted from my home during the holiday season, and fortunately those in the business of home mortgages have agreed. Unlike Mr. Potter, the banker in the classic movie It’s a Wonderful Life, these CEOs have shown their humanity. Both Michael J. Williams of Fannie Mae and Ed Haldeman of Freddie Mac cited holiday goodwill as the reason for the moratorium.
These few weeks of time should help homeowners get a bit more on their feet, regroup after the holidays, prepare to move or, hopefully, find a sudden solution to their mortgage woes. Evictions of tenants in foreclosed properties are on hold as well.
Are you facing foreclosure? Call me and let’s talk about some of the things that can be done to sell your property quickly. Nothing is for sure, but with the newly extended home buyer tax credit, there are still buyers who might jump at the chance to buy a home just like yours.
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Looking for a home in Edina, Minnesota? Contact me, Kim Melin, today.
Check out my website for help in buying a home in the Minneapolis area.
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