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Happy Holidays from Freddie and Fannie Clause

by Scott Fuller on December 7, 2010
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Well it’s that time of year again. The Holidays are upon us with lights, decorations, shopping and of course a Christmas gift from Freddie and Fannie Clause. If you are facing foreclosure right now and had a sale date set through the Holidays, your Christmas wish just came true, a halt in foreclosure evictions for the Holidays from the nation’s mortgage giants. Freddie Mac and Fannie Mae are freezing foreclosure evictions from Dec 20-Jan 3 in an effort to keep people in their homes throughout the Holidays. This applies to all loans owned or backed by Fannie and Freddie. Banks such as Bank of America have recently frozen all evictions with the “Robosign” fiasco, which has bought some homeowners even more time before they will be asked to vacate their home.

Remember, if you are attempting a workout solution with your lender (i.e., short sale, loan mod, etc) and you have a foreclosure sale date coming up, it is imperative to make sure you ask your Realtor or the lender’s customer service center to request a postponement of the sale date. If a lender sees a workout package in process and a honest attempt to fix the situation, they will usually postpone the sale date by 30 days or more. We have been successful at getting homeowner’s foreclosure sale date postponed which allowed enough time to close on their short sale. But be sure not to wait too long, most lenders have a cut-off date of when it is too late to postpone the sale date, especially if no attempt has yet been made to rectify the situation.

You can find more info here regarding the Holiday foreclosure freeze.

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