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Most of the lenders plan to evaluate and extend their specific moratorium dates depending the progress made by government.
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to determine how to support the moratorium request. WellsFargo is working with their investors. The majority of WellsFargos mortgage loans are serviced by it and owned by other investors. The moratorium is expected to remain in place until the government’s foreclosure prevention plan is announced. WellsFargo (also Wachovia) – For Loans it holds.
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Moratorium end date – March 12th.īank of America (also Countrywide) – Delay foreclosures sales on owner occupied properties whose mortgage loans are owned and serviced by BofA or Countrywide – Through March 6th.
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As with Fannie Mae, the moratoriums will remain in effect through March 6th.Ĭitigroup – All Citi-owned first mortgage loans that are principal residence and on loans for which understandings with investors have been reached. JP Morgan Chase – New Owner-Occupied residential loans that are owned and serviced by JPMorgan Chase. The following are briefly what was announced by each lender – While Dow Jones Newswiresreported that JPMorgan Chase, Citygroup, Bank of America and Wells Fargo have committed to temporary moratoriums (suspends) on foreclosures as the government works on a financial stability plan aimed at keeping people in their homes. See Fannie Mae News Release and How to Find the Best Deals Now At the End of Article! Fannie Mae announced a suspension of all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration’s national foreclosure prevention and loan modification program.