Foreclosure Moratorium

Freddie Mac and Fannie Mae announced today that they plan to launch the yearly moratorium on evictions due to foreclosure. The moratorium is essentially a halt on the eviction process, which allows families who have lost their home to foreclosure to remain in their property during the holiday season.

This moratorium only applies to Freddie Mac and Fannie Mae mortgages – they also hope to help those distressed homeowners who have been hit by the impacts of Hurricane Sandy.

Freddie Mac will begin their moratorium on December 17th and it will remain in effect until January 2nd. Fannie Mae will begin their moratorium for single family homes and 2-4 unit properties on December 19th and will also run through January 2nd 2013.

Distressed homeowners who are in the federally designated disaster areas due to damage from Hurricane Sandy, will be given a 90-day suspension on foreclosure and eviction processes. This extended moratorium will be in effect until February 1st 2013.

If you or anyone you know is facing a foreclosure, please contact me as soon as possible. There are options to avoid foreclosure and I can help. 602-942-7000 or email me for a private consultation, natem@remax.net.

www.AZShortSaleResouce.com

Source: Housingwire.com