Printer-Friendly
Email this Story
Post a Comment (0)
Some foreclosures to be halted during holidays
Mortgage lenders Fannie Mae and Freddie Mac are bequeathing the gift of time to homeowners facing eviction and foreclosure this holiday season.Many foreclosure sales and evictions on occupied single-family homes will be suspended from Nov. 26 to Jan. 9. This will allow the mortgage companies time to implement a new program that will change their terms to make troubled mortgages more affordable.
Some homeowners may not realize that their original lending bank may have assigned their loan – under a common practice – to Freddie Mac or Fannie Mae. So homeowners should contact their lenders to see if they qualify for the exemption.
The revised program targets high-risk homeowners who have missed three or more payments but have not filed for bankruptcy, according to a statement released by Fannie Mae. The program will allow for more affordable monthly payments by reducing mortgage interest rates, extending the life of current loans and deferring payments.
Contact Fannie Mae at 202-752-7000 or Freddie Mac at 703-903-3933.
You must be logged in to post a comment.