I'm sure some of you might enjoy 2008 with a little bit of breathing room when it comes to your distressed home loan situation. Starting today, November 26, 2008, Fannie Mae and Freddie Mac have agreed to put a temporary hold on pending foreclosures and evictions.
What this means is, if you have a pending foreclosure coming and it hasn't happened yet, you will not be foreclosed on your property from November 26, 2008 until January 9,2009. This temporary hold was ...
"...designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the streamlined modification program keep people in their homes while the federal government fixes the Loan Modification..."
Of course since this is temporary, distressed home loan clients shouldn't just wait for January 9. It means that they have until January 9 to come up with some kind of workout solution with their mortgage company because starting January 10th, the foreclosure timetable will resume (at least until another government update comes around).
So 3 things to remember this 2008 Thanksgiving and Holiday season
- Enjoy your current blessings and love your family this Holiday season
- Relax a little when it comes to your home loan situation
- Get in contact with your loan company or trusted loan officer and get the communication started to find a solution to your home loan distress
Fannie Mae Link to Foreclosure hold for 2008 Holiday Season
If you have any questions about this, please feel free to contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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