Suspension of Foreclosure Will Have Less Impact Locally

As homeowners try to battle the impact of the worsening housing dilemma, companies make an attempt to minimize the effect of foreclosures.

Mortgage services and foreclosure attorneys of the company Freddie Mac has called 6,000 borrowers in Springfield, Ohio that they are suspending foreclosure homes from selling and evictions. This would benefit those occupied single family and two to four unit properties. But sad to say, that this will not take effect in Clark and Champaign Counties.

This idea that was announced last November 20 and will affect the November 26 until January 9 sales It was actually an idea that came out of Freddie Mac together with the help of other organizations to assist those families with foreclosure properties to find solutions and design a way to modify their loan terms.

The good side of this foreclosure homes suspension, since the houses are occupied, Freddie Mac, the servicers and foreclosure attorneys would stop the sale of these properties. This is also made so that mortgage servicers can give more time to borrowers to find ways to save their homes from going to foreclosure.

But this suspension on foreclosure homes raised a question brought about by Clark County Sheriff Gene Kelly who commented that a lot mortgages and repo homes are bought and sold by Freddie Mac and other banks so this gives the additional difficulty on knowing who owns the mortgage. So, their office does not have much power to stop repossessed houses to be for sale unless they get an order from the court to stop it.

Although Sgt. Chris Copeland of the Champaign County Sheriff’s Office commented that the suspended foreclosure would probably not affect their county since he have not seen any foreclosure properties which are owned by Freddie Mac Fannie Mae, another mortgage finance company .

But a spokesperson for Freddie Mac, Brad German, gave a statement that they are also not sure on how many foreclosure homes they have in those two county.

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