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Foreclosure freeze - 30 day reprieve

Tue Feb 12, 2008 01:02PM | By Tony

See more in Mortgage | Permalink | Email | Comments (0)

If you are more than 90 days and about to get foreclosed, you may be in luck, as long as your mortgage is with either - Bank of America, Citigroup, Countrywide, J.P. Morgan Chase, Washington Mutual or Wells Fargo - you may get a foreclosure freeze. The six lenders, which are the largest in the US, and members of Hope Now Alliance, an industry group that is trying to coordinate a response to the ongoing mortgage crisis, announced that it may give you 30 day reprieve under the Bush administration plan unveiled today, while looking for ways to make your mortgage payments affordable.

While foreclosure freeze with 30 day reprieve is a nice idea, things look bleak with the Mortgage Bankers Association reporting that at least 1.3 million home mortgage loans were either seriously delinquent or in foreclosure at the end of the July-September quarter. And private economists are forecasting that the number of foreclosures could soar to 1 million this year and next, about double the 2007 rate. And what about those whose mortgages are serviced by other than Big Six? No foreclosure freeze for them?

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