Fannie Mae Extends Suspension of Foreclosure Sales
Friday, January 16th, 2009 | Uncategorized
In an effort to provide mortgage servicers more time to implement that Streamlined Modification Program (SMP), Fannie Mae will extend the suspension of foreclosure sales and evictions until Jan. 31. This initiative applies to loans owned or securitized by Fannie Mae.
During the extension, Fannie Mae hopes that attorneys and loan servicers contact borrowers and pursue workout options.
Last November, Fannie Mae announced the SMP and initiated this program on December 15th. The SMP will target distressed homeowners who have missed three payments or more, who own and occupy their primary residence, and who have not filed for bankruptcy. The goal of the program is to keep owners in their houses through a combination of reducing the mortgage, interest rate, extending the life of the loan, and possibly even deferring payment on part of the principal –– all with the intention of providing the distressed homeowner with a lower monthly payment.
Also, don’t forget to check out my most recent HubPages article talking about Fannie Mae and Short Sales by clicking here!
Have a great weekend!
- Josh Cantwell
3 Comments to Fannie Mae Extends Suspension of Foreclosure Sales
I am a Realtor in the Orlando area. This pilot program picking listed properties facing foreclosure was by invitation only. As a Realtor, I can not submit my listings to be included.
I also have heard no more about this program, other than properties “marked” in the MLS indicate participation in this program.
Here’s what I do know: Banks do NOT want to be confused with the facts re: value. I know Nathan & Chris and understand their strategies, but even those strategies will not overcome a BPO agent who refuses to accept my “help” while proceeding to submit an inflated BPO.
This is the reality. A BPO Dispute is another game of “wait ‘n see.” Where’s the “oversight” on the money they clowns are losing by NOT mitigating investors’ losses?
The key is to grab as many short listings as possible and accept less than 100% approval.
There’s a turd in my Christmas stocking! 
Miike
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Hmmm.. I never understood that whole Moratorium on foreclosures thing. My day-job is as a title examiner at a title company that handles all Fannie and Freddie forelcosures in Michigan. I do 15-20 a day that are all Fannie and Freddie, and have not noticed any slow down since that program was announced. I thought at first that they were simply already in the pipeline, however, its been well over a month, so I’m not so sure about that any more. (And we are as busy or busier than ever!)