We announced here last Friday the foreclosure moratorium by Fannie, Freddie and Citigroup for the holidays. The major lenders instituting such forbearance has expanded since then to now include both Bank of America and JP Morgan Chase. It is expected that others will likely jump on the bandwagon in coming days, but these are definite so far.
Happy Holidays!
Tuesday, December 22, 2009
Friday, December 18, 2009
More Good News!
Just announced!! Both Fannie Mae and Freddie Mac have announced a suspension of evictions from REO properties for the holiday season. From December 19 through January 3, 2010, eviction actions will be suspended. Additionally, Citigroup has announced a suspension of both foreclosure sales and evictions on its own loans (loans it services for other lenders are not included). Good luck and a Happy Holiday season!
Thursday, December 17, 2009
Good News in NY
For homeowners in New York state facing foreclosure, there is a somewhat merrier holiday season today. Governor Paterson has just signed a bill providing additional protections for both homeowners facing foreclosure and tenants living in homes about to be foreclosed upon. In the former case, lenders will have to provide mandatory settlement conferences to attempt to work out an alternative to the actual foreclosure before they can proceed to foreclosure. In the latter case, tenants, any tenant living in a property being foreclosed will be permitted to remain in the property for the longer of 90 days or the remaining term of the lease. Good news for all concerned!
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