Home Foreclosures are Suspended

Struggling homeowners who are facing eviction due to foreclosure are being given a little more time in their homes – just in time for the holidays. 

Homeowners given a little more time in the face of evictions.

Fannie Mae and Freddie Mac Stopping Evictions

Fannie Mae and Freddie Mac are suspending foreclosure evictions from December 19, 2009 through January 3, 2010. This is limited to properties up to 4 units; and applies to both owner occupied and tenants living in foreclosed homes.

Citigroup also giving temporary reprieve

Citigroup is also suspending evictions through January 17, 2009 for loans that it owns. Other lenders may follow their lead, so be sure to check with your lender if you are facing immediate eviction.

Foreclosure alternatives

Late with your mortgage  payments? Don’t wait! there are viable alternatives to save your credit – such as loan modifications, or a short sale.  Even if you are “upside down” and owe more than the current value, it may be possible to sell at current market value and have the bank release you from the debt.  It takes time to accomplish this process…get the inforamtion you need to make an informed decision now. A foreclosure can stay on your credit record a long time.

Contact Tricia la Motte – Certified Pre Foreclosure Specialist and Certified Short Sale Specialist - get the information you need before it is too late.