Foreclosure moratorium extended

February 18, 6:54 AMResidential Real Estate ExaminerMichele Lerner

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Fannie Mae, Bank of America, JP Morgan Chase and Citigroup have all extended or introduced a moratorium on foreclosure sales and evictions in anticipation of the Obama administration's foreclosure prevention plan and loan modification plan.

The extension lasts until March 6 or March 12 depending on the lender and applies to homeowners living in their primary residence.

While waiting for the Obama administration's announcement of plans and for the ball to get rolling on the new plans, homeowners should stay in close touch with their lenders and do their best to stay up-to-date with payments.

Real estate industry experts are looking for the plans to include foreclosure mitigation arrangements which will help stablize home prices and the introduction of lower mortgage rates which can help distressed and non-distressed homeowners along with homebuyers.

See the following articles for more information on foreclosures:

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