Jilly, Both Buyer and Seller in Morro Bay, CA

Great Help Bob! Everyone read this,if your selling your home, like me, a few less repos. Thank You God,Jilly

Asked by Jilly, Morro Bay, CA Sat Feb 14, 2009

New Foreclosure Moratorium for Mortgage Loans
Written by Bob Phillips, Real Estate Professional in Coto de Caza
Date Posted: Wednesday, February 11, 2009

Today, Congress requested that all mortgage servicers institute a moratorium on foreclosures until details of Secretary of Treasury Timothy Geithner’s foreclosure prevention plan are finalized and available – likely within a couple of weeks.

Many major lenders have agreed to follow this practice for all of the mortgage loans they own – in other words, those loans that do not require investor approval. They also are talking with investors in an effort to gain their agreement to follow this practice as well.

Within the next couple of weeks, Secretary of Treasury Geithner is expected to announce his foreclosure prevention plan.

· Until that point, some lenders will not proceed with foreclosure sales on any of the loans that they own.

· Of course,

Help the community by answering this question:


this will help all the properties that are already heading into foreclosure but also the ones that aren't in trouble. they don't have to compete with the banks to get their price.

Good luck Jilly!
0 votes Thank Flag Link Sat Feb 14, 2009
Let's all hope that it happens as quickly as possible. This, plus the stimulus package should help make things more stable for our economy.
0 votes Thank Flag Link Sun Feb 15, 2009
Good luck in hanging in there, Jilly. Better days lie ahead.
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Sat Feb 14, 2009
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