Fannie Mae and Freddie Mac have announced that they will suspend foreclosure sales on properties that they insure over the Thanksgiving and December Holidays! Part of me wants to shout, “It’s a Christmas Miracle”, another part is truly thankful, and yet another part is angry because I wish they could extend that a bit further than November 26th through January 9th, 2009.This is great news for anyone who has a FNMA or Freddie owned loan that was going up for sale during this time frame. It doesn’t apply to all loans though, which is why I am a bit angry.

Unfortunately, government processes take time and I am a field soldier on the ground watching and tending to the “wounded”.

Loan modifications are finally becoming more workable, but many lenders still need to wake up and see what is going on. I get the feeling that it hasn’t filtered down to those people on the payroll who answer questions from home owners as well as those of us who are working on loan modifications.

My team and I have been able to help a lot of people get mortgages that they can truly live with which is where the thankful part comes from.

The “Christmas Miracle” part comes from deep appreciation of what this will mean to the families of those homes that are affected by this.

Those home owners and/or tenants living in the applicable homes will get a reprieve until January.

Call or write if I can answer any questions. It looks as though we will be able to grab a few more miracles in the coming months. I am planning to review the full briefs and blog a bit more on the subject. In case my loyal fan (Mom) can’t wait for that, you can read them yourself!

To read the full FNMA brief go to: http://www.fanniemae.com/newsreleases/2008/4531.jhtml;jsessionid=ILQIEKHVIJZY1J2FECISFGI?p=Media&s=News+Releases

For the Freddie Mac brief, go to: http://www.freddiemac.com/news/archives/servicing/2008/20081120_foreclosure-suspend.html