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Loading ...Foreclosure home sales, including evictions which are to take place in November 26, 2008 to January 9, 2009, have been suspended by Fannie Mae. The temporary halt is true for occupied single-family homes. The said move is taken in support of the streamlined modification program.
Affected borrowers now have the chance to keep their properties while they are waiting for the implementation of the streamlined modification program. They will be allowed to stay in their mortgaged properties until further help is within their access.
The program, when implemented, is a great help to distressed borrowers. It will help borrowers acquire lower interest rates, extension of loans or even postponed payments. This initiative is aimed at reducing the number of state foreclosures.
According to Fannie Mae President, the suspension will give a chance to homeowners who are capable and willing to keep their properties to avoid foreclosures.
In joint efforts with servicers and foreclosure lawyers the approximately 10,000 homeowners who will be affected by the suspension will be kept track. Occupied homes will be temporarily spared from foreclosure.
In addition to the suspension, borrowers will be helped in reviewing their workout options. Fannie Mae personnel will check whether all possible instruments to help in the repayment of problematic loans have been exhausted.
Fannie Mae encourages borrowers to seek help from their loan servicers, regardless of the conditions of their loan, as they could help find solutions to lessen the debt burden of borrowers and prevent foreclosure.
Fannie Mae has been taking several measures in order to help prevent the widespread foreclosures in the country. It is dedicated in serving the housing market. It will exert all efforts so that housing problems are avoided as much as possible. Among its primary objectives is to provide the American housing market with affordable homes.
