Archive for November, 2008
From now until January 9th, Fannie Mae and Freddie Mac announced that they are suspending foreclosures, pending the full implementation of a streamlined loan modification program. Loan mods as they are known, is the process by which a homeowner can “workout” a mortgage that better suites their income and ability to pay.
The new streamlined loan modification process is scheduled to begin around the middle of December and they are expected to ultimately prevent hundreds of thousands of foreclosures over time. But during this holiday period, Fannie Mae estimates 10,000 homeowners and Freddie Mac estimates another 6,000 homeowners will be helped by this suspension of foreclosures. This temporary suspension will give Fannie, Freddie and programs like New Hope along with approximately 27 other mortgage services ,time to get the streamlines process guidelines fully worked out and then to quickly begin implementation. Read the rest of this entry »
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