In this edition Joe explains the relief offered during the holiday season on foreclosures.  As wells as explains how you need to be vigilant while dealing with a possible foreclosure.

 

 

JOE:  Hey, Joe Hafner here with another episode of Inside Distressed Property.  I want to talk to you today, folks that are facing foreclosure, there’s some things that you need to know.  You know, every week in America, there’s 89,000 foreclosure auctions scheduled on average.  That’s according to RealtyTrac, and several of the big players in the mortgage market have announced a freeze on foreclosures through the holidays. 

So December 19 through January 2, Fannie Mae and Freddie Mac are both postponing any foreclosures.  December 22 to January 2, Chase is stopping and Wells Fargo is stopping them.  Bank of America says they’re going to try to “avoid them” during thanksgiving and the Christmas holidays, but here’s what you need to know.  Even though they’re putting a freeze on them, they’re still doing paperwork and moving towards foreclosure.

You’re getting a couple week reprieve.  You can’t rely on this as a plan for getting out of foreclosure.  Something to keep in mind, Wells Fargo, they’re only freezing foreclosures on loans that they own.  So they service a lot of loans for other investors.  So all those are still in play and could be foreclosed if the investor wants them foreclosed.  So real quick, if you want to find out if Fannie Mae or Freddie Mac owns your loan, go to FannieMae.com and on the right side of the screen it says, “The Fannie Mae loan lookup tool.”

And if you go to FreddieMac.com on the bottom right there’s a little box that says, “Do we own your mortgage?”  Click on those and you can find out if Fannie Mae or Freddie Mac owns your mortgage.  Even if you’re with a bank, Fannie Mae and Freddie Mac are not going to be the people you pay your mortgage to.  They are an investor.  You could be with any bank paying your mortgage to them and Fannie Mae or Freddie Mac could own that loan.

But here’s the bottom line.  If you get a reprieve during the holidays, that’s great news.  But you need to do something.  You can’t sit back and wait.  You need to find an expert who knows how the foreclosure process works.  And as these banks develop their foreclosure short sale processes, it becomes more important than ever to have an agent who knows how the process works.  If you have an agent who doesn’t know how it works, you could find yourself in a lot of trouble.

So take your reprieve if you get it, but get in touch with somebody.  Even during the holidays, you can call us.  We’ll help you.  We’ll talk you through it.  But find someone who knows what they’re doing; learn about the process; learn what your options are.  You probably have more options than you realize.  And start the new year by attacking this problem instead of avoiding it.  And who knows?  You may be able to get out of this without losing your home to foreclosure.

We’d love to help you, and we’ll see you next time.  Merry Christmas.