Fannie Mae and Freddie Mac Suspend Home Foreclosures for Christmas

By
Real Estate Agent with The Lewis Team at Keller Williams Cal BRE #01352522

 

San Diego Real Estate Blog

Dawn Sells San Diego

Fannie Mae and Freddie Mac Suspend Home Foreclosures 2008 2009

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. Freddie Mac LoansNot 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. Fannie Mae

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.

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Rainmaker
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Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

Yeah, the grinch is cutting back on grinchiness this year!

Nov 25, 2008 03:53 PM #1
Rainmaker
21,901
Joseph Mazzei
Wholesale Mortgage Services - Tampa, FL

i'll be home for christmas...

Nov 25, 2008 04:09 PM #2
Ambassador
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Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Well that is great except for those souls out there that the foreclosure and short sale market is the majority of their business.

Nov 25, 2008 04:11 PM #3
Rainmaker
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Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Mike:  Finally... some good news that hopefully all those homeowners in financial trouble can finally depend on.  Thanks for sharing.

Nov 25, 2008 04:38 PM #4
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Rainmaker
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Mike and Dawn Lewis

The Lewis Team at Keller Williams in San Diego CA
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