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Friday, January 9, 2009

Freddie Extends Foreclosure Moratorium

From Realtor Magazine Online, Daily Real Estate News January 9, 2009

Freddie Mac is extending the suspension of foreclosure sales and evictions on occupied single family and two- to four-unit properties covered by mortgages it owns until Jan. 31.

The suspension doesn’t include vacant single-family properties.

The extension will provide extra time to loan servicers to help troubled borrowers find alternatives to foreclosure. It will also allow extra time to implement the Streamlined Modification Program, which went into effect on Dec. 15, 2008, and sets out to expedite loan modifications for eligible borrowers who have missed three or more mortgage payments.

Source: Freddie Mac (01/08/09)
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