More Time for Deliquent Homeownersby Tim Manni
Fannie Mae and Freddie Mac announced today that they will extend the suspension of foreclosure sales and evictions of borrowers from single-family homes until January 31, 2009.
The original suspension — due to expire tomorrow — was intended to provide some holiday relief, but more importantly to allow mortgage servicers with additional time to implement the FHFA’s new streamlined loan modifications program.
“The extension will also provide additional time for the company to operationalize its new National REO Rental Policy, which will allow renters in company-owned foreclosed properties to stay in their homes. Details of the new policy are expected to be announced shortly.”