Fannie Mae and Freddie Mac Suspend Foreclosures
admin on November 26th, 2008
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Fannie Mae and Freddie Mac have suspended all forclosures starting November 24 util January 9. The nation’s two largest owners of residential mortgage are preparing to review files for mortgages in need of modification. FNMA and FHLMC are both offering to modify mortgage loans to homeowners with at least 3 months deliquency. The key qualifier to the loan modiification is teh new loan must not exceed 38% of the household income before taxes and the loan must be owned by Fannie Mae or Freddie Mac.
