Fannie, Freddie Suspend Foreclosures Through Holidays

Fannie and Freddie will suspend foreclosures and evictions over the holidays.
The six-week halt will begin Nov. 26, a day before the U.S. Thanksgiving holiday, and last through Jan. 9, the companies said in separate statements 11-20-2008. The hope is that this time frame will allow mortgage servicers to implement a streamlined loan modification program for struggling borrowers. A short reprieve for struggling homeowners over this years holiday season.

Service Members Civil Relief Act

Formerly known as: The Soldiers and Sailors Civil Relief Act
For many years the Service Members Civil Relief Act has been available to lenders for any mortgage loan. Service members who provide evidence of active duty status and request relief from lenders are entitled to the provisions of this act which include but are not limited to:

• Interest rate reduction to 6%
• Occupancy requirements are lifted
• Waiver of late fees
• Suspension of delinquency reports to credit bureaus
• Suspension of foreclosure proceedings/stay initiated until service member returns

If you know of anyone this may benifit please forward this information

Government bails on the mortgage bailout

Treasury Secretary Henry Paulson said the government's $700 billion financial rescue package won't purchase troubled assets from banks as originally planned. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending.

Fines for non-registered rental properties to start next month

In a recent meeting with Joe Testa he announced that fines for non registered rental properties will start with the next tax bill. In a notice dated 10/1/2007 all rental properties are required to be registered with the county auditor. Below is the information that is required:
· The name, address and phone number of the owner or contact agent;
· The street address and parcel number of the residential rental property,
· Any owner of residential rental property who resides outside of the state shall designate an individual who resides in the state to serve as the owner’s agent.
· Any owner who designates an agent shall file in writing the name, address and telephone number of the agent.
· An owner shall update the information, within sixty days after they are notified by receiving a tax bill, a property transfers or any change in the information occurs.
The fines will start at $50 per occurrence and increase by $50 each tax bill until corrected. Registration can be completed by visiting: http://www.franklincountyohio.gov/auditor//