More Relief!

Both Freddie Mac and Fannie Mae, in a burst of seasonal good will, have announced some relief on at least a temporary basis today. They will suspend some previously scheduled evictions and foreclosure sales until at least January 9, 2009. While this won't help everyone in such dire straits, it will provide additional time to at least some of those facing either the loss of their homes or eviction from homes already foreclosed upon.

It applies to 10,000 Fannie Mae owned borrowers and 6,000 borrowers whose loans are Freddie-owned.The properties affected are those currently occupied and either single family or 2-4 unit properties, with foreclosure sales already scheduled between November 26, 2008 and January 9, 2009. It WILL NOT affect vacant properties.

While delaying the pending foreclosures of these properties, it simultaneously allows the owners of these properties the time to take advantage of the recently announced loan modification programs that both of these mortgage firms created. Scheduled start times for those programs is December 15, 2008.