Sociable

Monday, January 31, 2011

Freddie Mac takes 15 months to foreclose

It's a long time.  In a trust deed state this should just be 4 to 5 months.  We, the tax payers end up paying the bill for the extra length in time.
"Freddie Mac is taking extraordinary steps to keep families in their homes. Depending on occupancy and the cooperation of the borrower, we don't require our servicers to begin the foreclosure process unless it's been at least four months since that borrower first missed a payment," Freddie Senior Vice President of External Relations Hollis McLoughlin said
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