Fannie Mae and Freddie Mac just announced that will put on hold eviction proceedings - between Nov. 26 2008 and Jan. 9, 2009 - just in time for the Holidays... For some will be a sweeter Christmas!... but not for all!
The foreclosure suspension affects only a small percentage of homeowners facing foreclosure. Although Fannie and Freddiemortgages account for more than half of all mortgages, they have relatively few of the most risky sub-prime loans. As Freddie Mac spokesman Brad German said "The vast majority of what's going into foreclosure are not Fannie Freddie loans,"
Fannie Mae and Freddie Mac has strict rules for qualifying the eligibility:
- Homeowners must be 90 days or more late in their mortgage payments,
- Owe at least 90% of their home's current value,
- Live in the home on which the mortgage is delinquent
- Did not filed for bankruptcy.
Still is a step in the right direction, the opportunity to let the rescue plan work for some borowers to qualify for a modification under Streamlined Modification Program... Although borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.
It was about time!
;)
;)
Arina, I heard the number was like 16,000 homes between the two of them so every little bit helps with struggling families.