Fannie Mae announces it’s annual eviction waiver over the Christmas holiday. From December 18th to January 3rd, if you’re about to be evicted due to a foreclosure, you’ll get a pass and be able to stay in your home.
In your real estate news and mortgage news today we learn that Fannie Mae is allowing those who are about to be evicted out of their homes time to enjoy the Christmas holiday. That is if you can enjoy it knowing that on January 3rd the heat is back on right? It’s a fine line when it comes to foreclosures and the process of evicting people from their homes.
On a humanitarian level some may feel that this shouldn’t be rushed and that people should have ample time to move out of the property, but on a business level it does come at a cost. That cost isn’t to the individuals being evicted for not paying, but to those who are paying on their mortgages as agreed.
New York is a perfect example. They have very strict foreclosure laws that cause them to go through significantly slower than other parts of the country. Well that’s one reason why the GSE’s have a .25% fee associated with loans made there. So the cost of helping those that aren’t paying is paid by those who are paying.
We’re well aware that there are many reasons someone could go into foreclosure and lose their home, and there isn’t any instance where it would be a fun thing to go through. However, when you default for whatever the reason, you have to go. And from a business standpoint, the sooner that asset can get back on the market the better for the economy and the real estate market.
In other real estate news and mortgage news, some numbers have come out with respect to sales on existing and new homes showing they’re off in a negative way. Not to panic here. It’s December and during the last quarter of the year it’s very common to see a decrease in sales. When the winter comes people tend to nest and slow their spending down with the exception of retail due to Christmas. So don’t freak out just yet. Get through your holiday and then get ready to rock your business at the beginning of the year.
Speaking about rocking you business, VanDyk mortgage is looking for you if you’re a mortgage broker. They want to prove how good they are by letting you test drive their company for 90 days. Yeah it sounds unusual and it is, but they can do it and they’d love to show you how. So to start your VanDyk test drive click HERE.
With that you all have a wonderful weekend and we’ll see you on Monday.
Frank and Brian