Open in threadFannie and Freddie suspend foreclosures till 9 Jan 09 (news)
by AC 
, Sunday, November 23, 2008, 19:43 @ AC
Who qualifies?- Fannie Mae or Freddie Mac must own the loan
- Homeowner must be at least 90 days late
- Homeowner must live in the home
- Homeowner must prove hardship
- payments adjusted to 38% of gross income
- principle on the loan is not reduced
Fannie and Freddie suspend foreclosures
By halting evictions, the mortgage giants get time to implement a recent rescue plan.
By Les Christie, CNNMoney.com staff writer
Last Updated: November 20, 2008: 6:01 PM ET
NEW YORK (CNNMoney.com) -- Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.
"By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program]," said Freddie Mac CEO David M. Moffett in a statement.
Freddie has told its servicers to immediately contact the 6,000 borrowers who already have auction sales or evictions scheduled for between the specified dates to tell them the sales are postponed.
Finish reading this at: CNN
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