Posted by Dunia Partow on November 21, 2008 at 12:18pm
Thought I would share this info: Fannie Mae and Freddie Mac announced yesterday that they are suspending all foreclosures on mortgages that the two companies own.Both companies have ordered their national networks of mortgage servicers and foreclosure attorneys to halt all foreclosure sales and evictions involving occupied single-family properties. Freddie Mac is also including 2-4 unit occupancies as part of the suspension. The foreclosure moratoriums will take effect November 26 and go through January 9, 2009.
I do believe that most of the time, these solutions are delaying the inevitable, but I also think that it is the "kind and gentle" thing to do to give families a place to be for the holidays. My REO Assignments are almost non-existent in December, so I am feeling the pain. I assume things will pick up again in January. Anyone else experiencing this same thing?
I agree with Susan. Although there may be some method to their madness. Gov’t may be considering this.. It may help the homeowner/investor save some money to try and do a workout instead of a foreclosure. I also don’t agree with this because zero from zero is ZERO. But that may be the reasoning.
I just don't get why this is necessarily a good thing to do other than give AM's a break over the holiday. All it is doing is delaying the inevitable and making our job harder once we get our hands on the property. Just my two cents.
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