Foreclosure Moratorium Lifted

After over four months of speculation and uncertainty, the foreclosure moratorium has been lifted by Fannie Mae and Freddie Mac, according to Mary Kane of the Washington Independent (4/2/09).  Enacted initially to keep families in their homes through the holidays, the moratorium was extended for almost three months as a long term solution was sought for the influx in foreclosure filings.  This announcement follows the stock market’s recent surge and positive housing sale news for the month of February. 
 
Homeowners facing foreclosure can now explore alternatives during the process; a process which differs for each state.  The new regulations allow lenders to offer a loan modification to the homeowner, an effort to correct financing missteps and keep homes occupied.  If unsuccessful, the homeowner and lender are able to quickly pursue a short sale on the property.  While this serves as a viable solution, the short sale process traditionally has been a complicated transaction.  Both of these options may provide solutions for lenders and homeowners, but the volume of REO properties is still expected to steadily increase and impact the market in Q2 and Q3 of 2009. 

Expertise in the REO space will continue to benefit agents and brokers, especially in the hard hit areas.  Lenders and Asset Managers are looking for agents with specific skills and experience in marketing and selling REO properties.  As the property volume grows, there will be an increasing necessity for expert REO agents to find buyers and liquidate the large number of bank owned properties which have been held back by the moratorium.  
 
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
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The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.