Fannie Mae has issued a Lender Letter announcing that it will halt all foreclosure sales on occupied single-family properties that are scheduled to occur between November 26, 2008 and January 9, 2009. This halt also applies to eviction lockouts of occupied single-family properties. During this period, lenders are encouraged to continue working with borrowers whose foreclosure sales have been halted to pursue possible workout solutions. What does this mean to you? Well, I may just be jaded but I think it will just mean the market will be flooded with new foreclosures after January 9th. Sure hope I'm wrong.
To read the entire news release go to the Fannie Mae site.