San Diego short sale

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Thursday, January 15, 2009

Foreclosure Sale Suspension

This suspension give time to sellers to get short sale offers into the lenders. 

Media: News Releases > Fannie Mae Extends Foreclosure Sale and Eviction Suspension
Fannie Mae Extends Foreclosure Sale and Eviction Suspension


WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced that it would extend the suspension of foreclosure sales and evictions from single-family properties through January 31, 2009.

This action will enable the company to work with mortgage servicers to further implement the Streamlined Modification Program (SMP) announced on November 11, 2008 and initiated on December 15, 2008. The extension will also provide additional time for the company to operationalize its new National REO Rental Policy, which will allow renters in company-owned foreclosed properties to stay in their homes. Details of the new policy are expected to be announced shortly.

The temporary suspension of foreclosures will allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the SMP. Foreclosure attorneys and loan servicers have been instructed to use the additional time to reach out to borrowers and continue to pursue workout options. The initiative applies to loans owned or securitized by Fannie Mae.