TBO.com - TBO is Tampa Bay Online

Foreclosure Relief Temporary

ADVERTISEMENT

By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: November 22, 2008

TAMPA - Thousands of homeowners on the brink of foreclosure can rest easy that they won't be evicted until at least early January. The nation's two largest providers of mortgages said this week they'll be working with homeowners to find a way to keep them in their homes.

The downside? Only homeowners with loans owned by Fannie Mae and Freddie Mac will be eligible for the program. Together, the two companies own only about 20 percent of the nation's delinquent loans.

The two mortgage finance giants estimate that about 16,000 homeowners will get the holiday reprieve.

Tampa Bay's financially strapped homeowners, many of whom don't know who owns their loan, may now be wondering if they'll be included.

The bottom line: Homeowners facing foreclosure should call their servicer - the company they send mortgage payments to - and ask who owns their loan.

Fannie and Freddie said they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program. The program is aimed to help homeowners who have fallen at least three months behind on their payments.

Part of the modification calls for mortgage payments - including taxes and insurance - to total no more than 38 percent of homeowners' pretax monthly income.

Reporter Shannon Behnken can be reached at (813) 259-7804. Where are the Bay area's foreclosures located? Browse our database, which is now updated with filings through October 2008, Keyword: Foreclosure.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT