Troubled Mortgage Giants Fannie Mae and Freddie Machave decided to give struggling homeowners an early holiday gift, they have announced that suspend eviction on certain properties until after the holiday season while they work on their previously announced loan modification program.?? The suspension applies to 10,000 borrowers with Fannie, and 6000 with Freddie in occupied, single-family or two-to-four unit properties whose foreclosure sales are scheduled between November 26 and January 9.?? The lending giants announced that their loan modificationprogram has plans to relieve hundreds of thousands mortgages that are at least 90 days past due.
This voluntary plan would enable certain borrowers to have their loans modified and their payments set at no more than 38% of their monthly income.?? Although Freddie and Fanniehold a small percentage of the troubled loans in the United States, government officials are hoping that other lenders will follow their lead and adopt their stance on loan modification programs.
Meanwhile Freddie and Fannie are trying to find buyers for their rapidly growing inventory of foreclosed homesthat totalled more than 28,000, for Freddie,??at the end of the latest quarter, up from almost 12,000 last year.?? Fannie reported a staggering 67,519 homes in their foreclosure inventory which is more than twice the number of foreclosures in??thier inventory last year.
To View the listing of foreclosure??homes in San Diego??visit HouseRebate.com
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