“Stay In Your Home for the Holidays” Says Freddie/Fannie

Despite all of the turmoil and chaos in our economy, lights are being hung, turkeys are ready to be stuffed, and millions of Americans are preparing for the upcoming holiday season. Joining in the holiday spirit, Freddie Mac and Fannie Mae have decided to suspend all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac- and Fannie Mae-owned mortgages. This is pretty good news for approximately 6,000 Freddie Mac borrowers and 10,000 Fannie Mae borrowers who are scheduled for foreclosure sales scheduled between Nov. 26 and Jan. 9. This will give borrowers and lenders time to consider a new loan modification plan for borrowers who have fallen more than 3 months behind on their loans. For many, this will come as a relief and an opportunity to experience the joy and happiness of the holidays. Finally, a bit of good news.