Fannie Mae announced today that they will be suspending foreclosures. This comes just in time for the holidays, to the relief of many troubled homeowners.
Fannie Mae will suspend foreclosure sales and the completion of evictions from occupied SFR properties scheduled to occur from November 26, 2008 through January 9, 2009.
The temporary suspension of foreclosures is designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement a streamlined modification program scheduled to launch December 15. The initiative applies to loans owned or securitized by Fannie Mae.
How does your client know if this announcement applies to them?
A homeowner can contact their current lender/loan servicer to find out if their loan is owned or securitized by Fannie Mae and if this foreclosure suspension will benefit them. Also, borrowers who have Fannie Mae loans that are scheduled for foreclosure between November 26, 2008 and January 9, 2009, will be contacted directly by the attorney handling the foreclosure.
Should a Homeowner with a Fannie Mae loan work with their existing lender even if they’ve been turned down previously for a modification?
Yes. As part of Fannie Mae’s "Second Look" program, Fannie loan servicers are prepared to work with borrowers during this period, even if previous workout efforts have been unsuccessful.
For more information and a direct link to the Fannie Mae announcement, go to: www.fanniemae.com
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