Real Estate Blog

November 23rd, 2008 9:39 PM
Fannie Mae and Freddie Mac will halt foreclosures of occupied dwellings from Nov. 26 to Jan. 9 so that servicers have more time to develop workout plans for struggling borrowers.

The plan could buy extra time for approximately 16,000 borrowers to try to save their homes, according to the mortgage giants, but some experts worry that it only will delay inevitable foreclosures.

Meanwhile, the companies will commence a streamlined modification program on Dec. 15, under which hundreds of thousands of borrowers shelling out over 38 percent of earnings on mortgage payments could see their payments lowered by lenders.
Posted by Fred Hintenberger on November 23rd, 2008 9:39 PMPost a Comment (0)
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