San Diego Foreclosures Take a Holiday


by Roberta Murphy

Many owners of distressed San Diego real estate will be able to live in their homes during the holidays without fear of the Sheriff moving their belongings to the street.

Today, Fannie Mae and Freddie Mac announced that they are putting a temporary halt on foreclosure sales and evictions from November 26, 2008 to January 9, 2008 for occupied single family homes. Owners cannot be in bankruptcy and payments must be three months in arrears and there must also be at least two loans on the property.

In all, says Freddie Mac CEO Favid Moffett, this relief program will aid about 60 percent of the Freddie Mac borrowers.

And according to Fannie Mae’s press release

“The program creates a fast-track method for getting troubled borrowers into an affordable monthly payment through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payments on part of the principal. Servicers have flexibility in the approach, but the objective is to create a more affordable payment for borrowers at risk of foreclosure.”

Hopefully, stock and selective real estate markets will be able to get on their feet again– and get moving in the right direction.