WASHINGTON – Freddie Mac and Fannie Mae have suspended foreclosures until Jan. 9, 2009. The GSEs said the suspension will give servicers time to implement the mass modification program announced last week by Fannie, Freddie and FHFA.
Freddie Mac servicers and foreclosure attorneys were told to quickly contact an estimated 6,000 borrowers with foreclosure sales scheduled between Nov. 26, 2008 and Jan. 9, 2009. Fannie said it will be reaching out to more than 10,000 borrowers.
If the property is occupied, the servicers and foreclosure attorneys will halt the sale. The temporary suspension of foreclosure sales does not apply to vacant single family properties.
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