As December approaches, the saying "home for the holidays" may hold more meaning to those facing foreclosure right now, and that spirit, Fannie Mae and Freddie Mac have announced a suspension on foreclosures and evictions through January of 2009.
The two mortgage giants have issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009. The effort was made to support the streamlined modification program that was announced on Nov. 11.
The suspension will help servicers implement the Streamlined Modification Program recently announced by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency (FHFA), HOPE Now and 27 mortgage servicers, scheduled to launch December 15.. The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure.
Comments(0)