The Home Front

Fannie and Freddie Suspend Foreclosures for the Holidays

November 21, 2008 RSS Feed Print

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Government-controlled mortgage finance giants Fannie Mae and Freddie Mac are allowing a limited number of distressed borrowers to wear their construction-paper pilgrim hats and leave cookies out for Santa before deciding whether or not to toss them onto the streets.

From The Associated Press:

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.

The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week.

Fannie Mae said about 10,000 households would be affected, while Freddie Mac said the changes would affect about 6,000 borrowers who are facing foreclosure. The change does not apply to vacant homes.

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Any word on what this means for the Washington area, which has over 16,000 foreclosures?
http://www.whgmag.com/index.php/387-a-holiday-from-home-foreclosures

Nikki Smith of DC 10:13AM December 01, 2008

I am a single mom in wine country. I was facing foreclosure. Being late on a mortgage is no fun, and stressing about where I'm going to find a roof for my son kept me up most nights. A friend told me about a place to go for help. It's a one of a kind web site for homeowners who need a loan modification but don't have the thousands of dollars that these loan modification companies are charging. If I had the money, I wouldnt have been in foreclosure! The web site was great as it helped me with what I needed to know, told me what to say, who to call, had the forms and paperwork that I needed, allowed me to keep track of everything and well, let's just say I know this was the best $199 that I had every spent. In 6 weeks I was able to get my loan modified with my bank and my payment went down. And I'm no longer in foreclosure as they put my late payments on the end of the loan. They realized that I was unable to refinance and didnt want the home. I sleep well at night knowing my son has the same roof over his head.

Jane Johnson of CA 8:32PM November 25, 2008