Foreclosure Defense: Freddie Suspends Foreclosures On Mortgages Qualified For Obama Modification Plan; Will Enter Landlord Business; Halts Evictions Thru April 1

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In McLean, Virginia, Freddie Mac announced this week:

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March 4 press release:

  • Freddie Mac […] announced it is suspending foreclosure sales on mortgages eligible for the Home Affordable Modification Program announced […] as part of the Obama Administration’s Making Home Affordable plan. […] Specifically, Freddie Mac will instruct its servicers not to complete a foreclosure sale on a mortgage eligible for the Home Affordable Modification program unless they completed their effort to contact the borrower and either the borrower did not respond or lacked the capacity or willingness to participate in the Home Affordable Modification program or any other Freddie Mac workout program.

March 6 press release:

  • Freddie Mac […] announced the official launch of its new REO Rental Initiative giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis. The REO Rental Initiative will be managed by HomeSteps®, Freddie Mac’s national real estate unit, and implemented through several national property management firms.
  • Freddie Mac also announced it will continue to suspend all eviction actions until April 1, 2009 to ensure there is ample time for current occupants to learn about the options available to them under the new initiative.

Go here for the entire March 4 press release: Freddie Mac Stops Foreclosure Sales on Loans Eligible for New Obama Home Affordable Modification Program.

Go here for the entire March 6 press release: Freddie Mac Officially Launches REO Rental Initiative for Tenants Owner-Occupants After Foreclosure (Freddie Mac Continues Suspension of Evictions Through April 1, 2009).