Foreclosure Sales Suspended until early 2009

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[Updated Feb 19 2008] See this recent article on President Obama’s $75 billion dollar plan to stem foreclosures and stabalize the housing market. It also covers who qualifies and when the programs start.

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Finally some good news leading into the holidays for millions of struggling homeowners, through a plan of action that is actually trying to achieve something. I applaud the companies and agencies involved for this much needed action.

Freddie Mac, the government sponsored mortgage entity (GSE), announced today it has ordered its national network of mortgage servicers and foreclosure attorneys to suspend certain foreclosure sales and evictions between November 26, 2008 and January 9, 2009. 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 alliance. The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure.

“By working closely with FHFA and our servicers, Freddie Mac is on track to help three out of every five troubled borrowers with Freddie Mac-owned loans avoid foreclosure this year,” said Freddie Mac CEO David M. Moffett. “Today’s announcement builds on this momentum and provides a new measure of certainty to many of these families during the holidays.”

This action will I am sure be followed by the other agencies (including the other GSE Fannie Mae) in due course. Homeowners facing foreclosure will now be able to stay in their homes over the holidays and hopefully use the two month grace period to modify their loans under the various government programs currently on offer.

Related Posts:
>
A look at the Pros and Cons of Reverse Mortgages
> Why you should be angry with the 2008 Housing Relief Bill
> Foreclosure Rescue Scams – Coming to your Neighborhood

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