Fannie Mae and Freddie Mac recently announced that both will temporarily suspend foreclosure proceedings in federally declared disaster areas due to Superstorm Sandy. Borrowers in these areas will receive a 90-day mandatory suspension on foreclosure sales and evictions. Freddie Mac announced that by issuing the suspension, the communities and neighborhoods could focus on a faster recovery from the storm.
Freddie and Fannie are also offering storm victims the option to postpone mortgage payments by phone for up to 12 months. The lenders did so in order to introduce a quicker and easier forbearance method to borrowers. Additionally, they have ordered their insurers to expedite payments on insurance claims to help borrowers with destroyed properties and daily living expenses such as hotel rooms. Fannie and Freddie will also alleviate restrictions on payments to contractors so that repairs can be done faster.
To read more on this story visit: http://money.cnn.com/2012/11/09/real_estate/foreclosure-storm-relief/index.html?iid=HP_River
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
