Fannie and Freddie suspend foreclosures!
By halting evictions, the mortgage giants get time to implement a recent rescue plan.
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.
More…..
http://money.cnn.com/2008/11/20/real_estate/Fannie_suspends_foreclosures/index.htm?postversion=2008112018
Your friend in the Real Estate business,
Shelli Dore
www.ShelliDore.com