Fannie Mae announced a suspension of all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration’s national foreclosure prevention and loan modification program.
While Dow Jones Newswires reported that JPMorgan Chase, Citygroup, Bank of America and Wells Fargo have committed to temporary moratoriums (suspends) on foreclosures as the government works on a financial stability plan aimed at keeping people in their homes.
The following are briefly what was announced by each lender –
JP Morgan Chase – New Owner-Occupied residential loans that are owned and serviced by JPMorgan Chase. As with Fannie Mae, the moratoriums will remain in effect through March 6th.
Citigroup – All Citi-owned first mortgage loans that are principal residence and on loans for which understandings with investors have been reached. Moratorium end date – March 12th.
Bank of America (also Countrywide) – Delay foreclosures sales on owner occupied properties whose mortgage loans are owned and serviced by BofA or Countrywide – Through March 6th.
WellsFargo (also Wachovia) – For Loans it holds. The moratorium is expected to remain in place until the government’s foreclosure prevention plan is announced. The majority of WellsFargos mortgage loans are serviced by it and owned by other investors. WellsFargo is working with their investors .. to determine how to support the moratorium request.
Most of the lenders plan to evaluate and extend their specific moratorium dates depending the progress made by government.
See complete articles Fannie Mae News Release:
Hopefully the suspension of foreclosures and the government bail out plan (I will be posting blogs about the government bail out plan that affects home ownership soon) will allow at-risk home owners to keep their homes and stabilize the housing industry and general economy!
How To Find the Best Deals Now?How to Find The Best Deal Now
Where should the buyers look when there is no or few REO (Bank Owned) properties on the market (which is already relatively low in Marin County)?
Look at Well Priced Homes (many sellers have dropped price considerably due to the softening market www.2197Vineyard.com), Short Sales (www.32Stasia.com yes, short sales require hard work, lots of patience but very rewarding).
The best way is to get an agent who is diligent and Knowledgable in looking for homes, not only Foreclosures, but Short Sales, Trustee Sales, Competitively Priced Homes; one who works hard, strong in negotiation, have YOUR BEST INTEREST in mind, not anxious to get you to sign on unless it’s right for you; one that is YOUR ADVOCATE, to help you find that perfect home –
The Americacn Dream:
Perhaps one day when the economy is stronger, we can take a collective sign of relief and cheer for the stable economy, strong housing market and solid job market where all can have a stable job, good income and own their home and Fulfill their American Dream Once Again!
MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architectural Distinctive Homes. Investment, 1031 Exchange.