It looks like lenders are giving struggling home owners a break
Nov 25th, 2008 | By admin | Category: Real Estate Investing NewsAs we approach the holiday season and the end of a year where foreclosuers have been through the roof it appears that some lenders are giving home owners a break.
I have noticed over the last couple of weeks a lot of news coming out on different lenders that are halting foreclosures for a period of time. In most cases I am seeing this halt start this week (week of Thanksgiving) and continue till January 9, 2009 – in some cases this goes till March.
I am curious what the impact of this halt will be to the homeowner. Hopefully this will buy them enough time to either work something out or in many cases to get a short sale approved.
Here are some links to these reports:
ING Direct Suspends Foreclosures
Freddie Mac Suspends All Foreclosure Sales Until January 9, 2009
Fannie Mae to Suspend Foreclosures Until January 9, 2009
Local credit union announces moratorium on foreclosures
There is also talk of a 120 Day halt on all foreclosures.
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