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Was the Temporary Halt to Foreclosures and Evictions just a Joke

mycmps | 26 January, 2009 09:46

On November 20, 2008 in Lender Letter 04-08, Fannie Mae announced that there would be a halt on all foreclosure sales until the beginning of this year. At the time, it did receive much fan fare as consumer advocacy groups heralded the decision. Distressed homeowners also felt relief in the fact that they would not be kicked out of their homes during the most treasured of American holidays...Christmas.

For the majority of the public, homeowners & industry professionals there was little known about the details.

Upon receiving a phone call from a local attorney and reading the outrage for those who still received foreclosure notices during the holidays, I had to get the facts.

Fannie MaePer Lender Letter 01-2009, there was an extension of the original temporary halt extended until January 31, 2009. Within the notification, it outlined details of what was actually prohibited.

Here are a few of the key facts:

  1. Original Temporary Halt limited to owner occupied single-family properties only.
  2. Temporary Halt was for homes scheduled for sale.
  3. Did not apply to applications for new foreclosure filings.
  4. Evictions were also halted (Majority of Media Attention).
  5. Servicers were reminded to continue to report delinquancy status.
  6. Extension applies to all single-family properties (occupied and vacant properties).

Once again, government has proved their inefficiency of addressing the real issue and resorting to a band-aid solution.

It should be no surprise for those who know the inner details of the temporary halt extension that new foreclosure sales and filings should surge going into the spring listing season.

Therefore, what are you doing to stay ahead of the negative media coverage?

Are you working with a qualified mortgage professional who can provide real answers? If not, contact us today to see what you need to know before your next housing decision.

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