Dawn Sells San Diego
On November 20th, 2008 Fannie Mae and Freddie Mac announced that they would be stopping foreclosures and putting them on hold “Until the streamlined modification program is fully implemented” as stated by Fannie Mae President and CEO Herb Allison. Not only has the two mortgage giants stepped up to embrace the “streamlined modification program” but so have Hope Now and 27 other mortgage servicers. This could be a nice Christmas present for many homeowners throughout the United States. Being thrown out of your home is hard enough but being thrown out around the winter holidays would be devastating.
Foreclosures scheduled to happen between November 26, 2008 and January 9, 2009 would be suspended during that time period. Fannie Mae has said this will encompass more than 10,000 homeowners. Fannie Mae as part of its “Second Look” initiative will be continuing workout efforts for homeowners seeking help.
I have personally heard a lot of talk and read many sensational headlines about helping homeowners in trouble but the truth of it has been that most are not being helped. I think giving false hope can be an even crueler way to deal with this problem of epidemic proportions. I think a homeowner should try to modify their loan and work with their lenders but through my experience they should also realize that most homeowners that I have spoken with have not been successful with this approach. Maybe Freddie and Fanny are more eager and sincere than most banks and mortgage holders that I have witnessed drop the ball when helping homeowners with workouts and loan modifications.
Freddie Mac Chief Executive Officer David M. Moffett said that Freddie Mac is on track to help three out of five troubled borrowers with Freddie Mac loans to avoid foreclosure in 2008. Out of the 140,000 homeowners delinquent on their Freddie Mac loans it is estimated according to Freddie Mac that they will approve 84,000 of them for workouts in 2008. I can’t wait to see what these numbers really look like once we look back at them and count them up in early 2009.
Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.
All information is believed to be correct but not guaranteed.