Freddie Mac extends suspension of single-family foreclosure sales, evictions until Jan. 31stMortgagePress.comFreddie Mac, foreclosures, David M. Moffett, Streamlined Modification Program, FHFA, HOPE N
Freddie Mac has announced it is extending its suspension of all
foreclosure sales and evictions involving occupied single family
and two- to four-unit properties with Freddie Mac-owned mortgages
through Jan. 31, 2009. The suspension does not apply to vacant
single family properties.
"Freddie Mac is committed to pursuing every responsible
opportunity to reduce foreclosures and accelerate the return of
stability to the U.S. housing market," said Freddie Mac Chief
Executive Officer David M. Moffett. "Today's announcement will
provide Freddie Mac and its servicers additional opportunities to
help put more families on the path to stable homeownership."
The extension will also provide servicers with more time to help
troubled borrowers find an alternative to foreclosure and implement
the Streamlined Modification Program that went into operation on
December 15, 2008.
Developed by Freddie Mac, Fannie Mae, the Federal Housing
Finance Agency (FHFA), HOPE Now and 27 mortgage servicers, the
Streamlined Modification Program was designed to expedite loan
modifications for eligible borrowers who have missed three or more
mortgage payments.
Freddie Mac gives lenders servicing its mortgages broad
authority to help troubled borrowers before they miss a payment
through forbearance as well as provide permanent rate reductions,
mortgage term extensions or other modifications to borrowers who
are already delinquent. In 2008 Freddie Mac enabled three out of
five of its delinquent borrowers avoid foreclosure.
For more information, visit www.freddiemac.com.
