New Developments
Some homeowners will have some relief over the Christmas Holiday season. Loans owned or backed by Freddie Mac and Fannie Mae will have foreclosure sale dates postponed through January 3. There are some conditions to the delay including the properties must be owner occupied. Homeowners that are in default should check with their banks to see if they are sparred some temporary relief. Some banks have already imposed a moratorium on foreclosures through 2010 based off of each investors discretion. For many homeowners this may be their last Christmas in their current home.
This would be a great time to look into additional options with your bank to Short Sale or Modification of your home loan prior to a foreclosure. Homeowners should also advise with a Real Estate professional and Attorney as to the best professional options for their specific situation. Every homeowner may not benefit the same for each option available.
