Fannie Mae and Freddie Mac just announced that will put on hold eviction proceedings - between Nov. 26 2008 and Jan. 9, 2009 - just in time for the Holidays... For some will be a sweeter Christmas!... but not for all!
The foreclosure suspension affects only a small percentage of homeowners facing foreclosure. Although Fannie and Freddiemortgages account for more than half of all mortgages, they have relatively few of the most risky sub-prime loans. As Freddie Mac spokesman Brad German said "The vast majority of what's going into foreclosure are not Fannie Freddie loans,"
Fannie Mae and Freddie Mac has strict rules for qualifying the eligibility:
- Homeowners must be 90 days or more late in their mortgage payments,
- Owe at least 90% of their home's current value,
- Live in the home on which the mortgage is delinquent
- Did not filed for bankruptcy.
Still is a step in the right direction, the opportunity to let the rescue plan work for some borowers to qualify for a modification under Streamlined Modification Program... Although borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.
It was about time!
Arina, I heard the number was like 16,000 homes between the two of them so every little bit helps with struggling families.
If it is only 16,000 homes why all the fuss. I can undertand not evicting them on Christmas, but what difference does it make if the foreclosure process proceeds? This does not make sense to me.
That sounds like a good thing. We are seeing more foreclosures here than I did a few months back.
What a crazy market we are surving in...I guess it shows the banks have a little heart...I hope the market is picking up in Vegas because we have seen a huge increase in pending and closed sales...The prices just can't get any lower so the sideline buyers are beginning to buy In South West Florida mainly Estero Florida
I am trying to become a Fannie Mae or Freddie Mac listing agent.
Any suggestions?
Ginger Harper