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FANNIE MAE TAKING A BREAK !!!! - WHAT ABOUT A SOLUTION TO HELP!

By ANN PETERSON BROKER/OWNER & MORTGAGE LOAN OFFICER

Real Estate Broker/Owner with Ann Peterson Realty Services & PLB LENDING LLC, HOMETOWN MORTGAGE SPECIALISTS INC. NMLS#1170468

December 08, 2011 04:21 AM

For homeowners with loans through Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500), the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement.

"No family should have to give up their home during this holiday season," said Terry Edwards, an executive vice president for Fannie Mae.

Among some of the major banks that offer mortgage loans, Chase (JPM, Fortune 500) Mortgage said it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo (WFC, Fortune 500) will also suspend evictions during that period, but will not shut down its eviction machinery entirely.

The bank said it will observe the moratorium on foreclosed properties in its own portfolio but for loans it services for other lenders "foreclosure-related actions may still occur."

Bank of America (BAC, Fortune 500) said that it would "avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays."

I find it interesting that Fannie Mae is going to be compassionate around the holidays. Do they not realize that these people need compassion to help them STAY in their homes. Work with these families FANNIE MAE you have nothing to lose.

This is the first time since the DEPRESSION of the 30's that people cannot get help through these tough times. Contact our representatives and tell them you want to help people find solutions. This is not a solution only an impending doom for many.

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Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

I have mised emotions about your post. If these folks were not in these homes, would they be renting? Would they be paying rent?

Dec 08, 2011 04:29 AM

ANN PETERSON BROKER/OWNER & MORTGAGE LOAN OFFICER

Ann Peterson Realty Services & PLB LENDING LLC, HOMETOWN MORTGAGE SPECIALISTS INC. - Rochester, MI

ABR/E-PRO/SRES-248-495-8877 CALL NOW

Yes typically they would be renting and paying their own rent - approximately the same as their mortgage. For whatever reason it seems that they are no longer ahead. My only point was that I feel Fannie Mae should find a solution to keeping them in their home. ARe they referring to people renting homes that went into foreclosure and they don't want to kick the innocent party out or is it about the actual homeowner. Thanks for your comment.

Dec 08, 2011 05:36 AM

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ANN PETERSON BROKER/OWNER & MORTGAGE LOAN OFFICER

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