Just in time for Thanksgiving, Fannie and Freddie Mac have announced a temporary suspension to home foreclosures scheduled to take place November 26th until January 9th 2009. Not all homes made the list, though. In order to qualify for the foreclosure suspension, the property needs to be a single family home or 2-4 unit home. However, if the property is a vacant single family, the foreclosure process will not be suspended.
Freddie Mac estimates that there are about 6,000 homeowners who will have more to be thankful for on Thursday. Not only is this good PR, but the temporary suspension is also meant to give loan servicers a chance to implement a streamlined loan modification program.
As know I’ve said this before, but if you are having trouble making your mortgage payments, contact your bank immediately. Even if you’ve tried in the past but didn’t get anywhere, these new programs mean the banks are more willing to listen.