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The two mortgage GSEs, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) have announced that it will suspend sales of foreclosure properties and eviction from foreclosed homes from November 26, 2008 to January 9, 2009. This move will keep troubled homeowners stay in their homes for the holidays without the fear of being kicked out or evicted from their homes.

These companies that are controlled by the Federal Housing Finance Administration (FHFA) have ordered mortgage servicers and attorneys handling foreclosures to prohibit eviction and sales of single-family or multiple-unit properties with mortgages that are owned by these GSEs. These companies have been making headway in preventing foreclosures for at least three out of five beleaguered homeowners and would like to provide families in trouble of losing their homes some assurance at least during the holidays.

Servicers of mortgages owned by these two entities are working with troubled homeowners to find options for them to stay in their homes. Activities include a review of their mortgages and financial capabilities, and possibilities on restructuring the mortgage to make payments current.

With 140,000 mortgages still delinquent, the brief suspension will provide ample time for these servicers to finalize details of the Streamlined Modification mortgage program with borrowers and ultimately avoid foreclosures. The program is set to take flight on December 15, and is targeting delinquent homeowners who were not able to pay their last 3 monthly amortizations.

Unemployment rates have been on the upswing, and this month first-time filings for unemployment benefits have reached 27,000 cases and have flooded welfare offices. This has been the highest level since July of 1992. Economic indexes also fell by 0.8 percent in October. This is a strong indicator that the economy is getting weaker and would have a profound impact on foreclosures. Unless these two mortgage giants step up on their campaign, together with other sectors also bent in dealing with foreclosures, homeowners will be facing tougher times in the year ahead.

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It is considered as common knowledge that people are in the hunt for things that are worth their money. Investments like houses are surely one of the priorities of both newlyweds and old couples. However, people need to produce a great amount of money to buy houses. Good thing there are affordable units like foreclosure homes.

People do not just end to buy the first house they see while they are house hunting. Since a lot of money is involved, buyers seek the best ones that real estate agents and magazines have to offer. In a lot of times, people want to stick with their allotted budget. This is where foreclosed homes come in.

Foreclosure properties are those units that were made as payments or guarantees for debts or mortgages. They are being sold because their owners have given them up to their lenders. Once the properties have been foreclosed by the lender (usually a bank, finance company or cooperative), the properties are assessed and sold to the public as foreclosures.  Often times, lenders announce the sale of the acquired foreclosure properties in major news papers to attract buyers and speed up the sale.

What is best about foreclosure homes is that these properties are almost always in a good state. As a matter of fact, some of them would even qualify for a valuable price have they not been classified as foreclosures. However, there are still units that would require a little tweaking and refurbishing.

Buyers eying a particular foreclosed home must do their assignment. They have to take time to visit the unit and inspect its structure. Doing a little research about how the property ended up in foreclosure would also be beneficial. Buyers should also check the rates of the units in the area to ensure that they are being offered the right price.

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Weeks before his inauguration as US President, Barack Obama is expected to have his hands full during his first 100 days in office. Adding to the many internal problems and concerns is the issue on home mortgages. US families seem to be looking at Obama for hope in securing their soon-to-be foreclosed homes.

Three weeks before the Presidential election, GFK Custom Research North America has conducted a survey to find out what Americans feel. The said study concluded that 22.7% or one out of 5 Americans believe that the creation of more affordable mortgage credit should be a priority of the new elected President in his first 100 days.

Meanwhile, a decent 16% or one out of seven believes that the new President should help out first time homebuyers buy a home in his first 100 days in office. The said conclusions could be used as evidence that concerns in foreclosure properties are really increasing.

Move Inc. President Lorna Borenstein also echoed the said conclusion. Borenstein pointed out that the company commissioned a survey with Harris Interactive Survey last May and found the same things. She said that a whopping 44% or nearly half of all home buyers believe that the housing market will improve once the new President has taken his oath of office.

The survey also found that 69% of all home buyers expressed nervousness about the current economic situation of the housing market. Based on this particular finding, reports on the increasing number of foreclosed homes in some US states like Florida have already reached a lot of audience.

GFK Custom Research North America Survey also reiterated existing foreclosure-related problems in the country. The survey concluded that more than two thirds or 69% of the 34.7% identified home buyers have said that they have held off buying homes because of the over-all state of foreclosures in the country. Almost 21.8% of the homeowners also said that they have sold or knew someone who has sold their home for less than the amount they desired in the recent weeks.

The survey is based on interviews performed from the 10th to the 12th of October 2008. The total of 1,004 respondents was composed of 523 female adults and 481 male adults. A margin error of +/- 3 percentage points is reported.

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Government-managed mortgage giants Fannie Mae and Freddie Mac have announced their offer to lower monthly payments for borrowers nearing foreclosures. Federal officials maintained that the Fannie Mae and Freddie Mac move was just a part of the government’s program to put a stop to the rising numbers of foreclosure properties.

The reworking plans will target Fannie and Freddie’s borrowers who have accounts that were delinquent for 90 days or more. In an effort to lesson the alarming number of foreclosure homes, the two largest mortgage holders are said to be offering lower interest rates and staggered principal amount payments. Fannie and Freddie are also open to extending terms to as much as 40 years.

Treasury Department and Federal Housing Finance Agency officials also said that the companies will rewrite their mortgage terms. Such a move was planned so borrowers can pay their mortgages for less than the traditional required amount. Qualified borrowers will only use less than 38% of their monthly income to pay for debts.

Marketwatch.com said in its report that the current anti-foreclosure program was the most aggressive move that the federal government has made.

Federal Housing and Finance Agency Director James Lockhart III said that such a drastic measure to improve the situation of the housing market was long overdue. He said that the current number of foreclosure homes has not just affected the national housing market. Lockhart maintained that foreclosed homes have great impacts on the families involved.

Although the initiatives were only aimed at Fannie’s and Freddie’s borrowers, the government is positive that mortgage companies in the private sector will follow suit. True enough, companies like JPMorgan Chase and Citigroup Inc has announced similar plans.

Jay Brinkman, MBA Chief Economist, said that, given the situation of some borrowers, the government is aware that the plan cannot resolve ll the foreclosure-related problem. However, he believes that if the government can help half of the borrowers, all efforts would prove to be worth it.

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