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.

Obviously this is a win/win situation – the homeowners get to stay in their homes and the banks don’t have to go through the expense of foreclosure.

What does this mean to you if you’re currently looking to buy a home? First, let me give you a definition and then we’ll talk more below.

Definition of a Short Sale: A situation where the seller owes more on their mortgage than their house is currently worth. The only way to avoid foreclosure is to sell the house with the bank’s agreement that they’ll accept less than the amount that they are owed on the mortgage.

Right now most banks are taking 3 weeks and up to 3 months to make a decision on accepting a short sale. If you currently have an offer in on a short sale property, or are looking at homes that are short sales, know that the additional funds pledged to help struggling homeowners might mean that the owner of the home you’re trying to buy can find a way out of their situation. We’ve already seen a few properties taken off the market because the homeowners have now been able to modify their loan so it’s more manageable. So, if you are a buyer looking at short sale properties, be prepared that there’s a chance that the seller might be able to come to terms with their bank and be able to keep their house. There are plenty of other houses out there from owners that do want to sell.

If you’re a seller having trouble with your mortgage payments – contact your bank right away. Even if you’ve talked to them in the past and didn’t get any results, these additional funds just might help you out of your situation.