Monday, November 24, 2008

Fannie Mae and Freddie Mac announce foreclosure suspensions

It appears that the the now governmentally owned entities are either having a little less Scrooge in their hearts (unlikely) or are choking on REO property.  My best guess is that they figure it's better to have occupied homes where people are maintaining the property instead of destroying it when they move out when served with foreclosure.

In either case, this means that community associations have a greater window of opportunity to require owners to pay or face foreclosure themselves.  As I was quoted in the Tampa Tribune, "I'm not Snidely Whiplash" but people need to know that they cannot ignore the associations' demands to pay, or they will be foreclosed on.

This announcement means that if your association takes title as the result of a foreclosure, it has more time to rent the property on a short term basis.......

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