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 Geithnerâ€™s foreclosure prevention plan are finalized and available â€“ likely within a couple of weeks.
Many major lenders have agreed to follow this practice for all of the mortgage loans they own â€“ 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.
Â· Until that point, some lenders will not proceed with foreclosure sales on any of the loans that they own.
Â· Of course,
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