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 major lenders -
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 article below:
Fannie Mae Suspends Foreclosure Sales Pending Administration Announcements
From CNN of Dow Jones Newswires - Bank Agree to Foreclosure Moratoriums
Hopefully the suspension of foreclosures and the government bail out plan will allow at-risk home owners to keep their homes and stabilize the housing industry.
Where should the buyers look when there is no REO (Bank Owned) on the market? Look at Well Priced Homes (many sellers have dropped price considerably due to the softening market www.2197Vineyard.com), Short Sales (yes, short sales require hard work, lots of patience but very rewarding) and get an agent who is diligent in looking for homes, strong in negotiation to help you find that perfect home.
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!
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Sylvia Barry
, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com
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, Architecural Distictive Homes. Investment, 1031 Exchange.
now we just gotta get people working again.
I believe this will hep and I hope the mainstreem media reports on the results.
Hi Joseph: Agreed, that would be nice, wouldn't it.....!!!
Hi Janice - I think this will help the homeowners and control the inventory, I am seeing the effect right now. It will be great for some of my clients who want to keep their homes and are almost losing hope!
Hi Sylvia - Came over here thru Twitter! I like the fact that AR posts hit Twitter. Hope we see continued relief on this front.
Thanks, Margaret, for stopping by. I was missing you!