Freddie Mac and Fannie Mae have decided that they will postpone about 16,000 foreclosure sales that were scheduled to take place during the holidays. The time period in question runs from November 26th and January 9th.
The postpone was decided upon to allow the companies to take a look at the new streamlined loan modification program that could allow the mortgage giants to help homeowners. To qualify you must be more than 3 months behind in payments, use the property as a primary residence and can't have filed bankruptcy.
Homeowners should expect a phone calls from the attorneys handling the file.
This can be a great relief to the homeowners in questions. I hope that this will help many people who desperately need some relief. Homeowners should also remember that foreclosure has been stated by HUD as being the last option only after all other routes have been exhausted. Remember, if you are facing a imminent foreclosure, it is always better to sell and get out from under than to let it sell at auction.
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