Despite what you might see in the media foreclosure procedures won’t actaully stop for the holidays. Instead lenders including Freddie Mac, Fannie Mae and Chase have said they won’t remove anybody from their homes between December 19 and January 2. The foreclosure proceedings themselves will continue but the sheriff won’t be serving any eviction notices.
This means you still need to take action if you’re facing foreclosure as you will still be evicted from the the home after the holidays if you can’t make some sort of settlement with the mortgage holder. Fortunately, there are some programs available to help you.
The Obama Administration has a real Christmas present for homeowners in the form of HARP II. This effort extends the Home Affordable Refinance Program through 2013 and applications are being taken right now. This plan can help you refinance your home with a mortgage you could afford. If your mortgage is owned by Freddie Mac or Fannie Mae and it was issued before May 2009 you could be eligible for this program.
The best way to see if you could qualify for this kind of help is to speak with one of our experienced mortgage brokers.