The Grinch Loses One!!!

LENDERS TO HALT FORECLOSURE EVICTIONS OVER THE HOLIDAYS

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010. To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted. Freddie Mac's suspension of evictions will be limited to properties up to four units.

In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30days through January 17, 2010 for loans it owns. Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors. Given these developments, other lenders may follow suit, so check with the lender if appropriate.

Lender Checklist: What You Need for a Mortgage

Lender Checklist: What You Need for a Mortgage
Source: REALTOR Magazine

• W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for everyperson signing the loan.
• Copies of at least one pay stub for each person signing the loan.
• Account numbers of all your credit cards and the amounts for any outstanding balances.
• Copies of two to four months of bank or credit union statements for both checking and savingsaccounts.
• Lender, loan number, and amount owed on other installment loans, such as student loans andcar loans.
• Addresses where you’ve lived for the last five to seven years, with names of landlords ifappropriate.
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets ofvalue, such as a boat, RV, or stocks or bonds not held in a brokerage account.
• Copies of your most recent 401(k) or other retirement account statement.
• Documentation to verify additional income, such as child support or a pension.
• Copies of personal tax forms for the last two to three years.

What's Next for Interest rates

What's Next for Interest Rates?

Lower rates seem likely in December as all recent indicators point to more troubled economic times. The Federal Reserve has already slashed its target rate down to 1 percent, without having done much to bolster lender confidence. Many analysts are estimating that the unemployment rate will continue to rise and this holiday season will likely produce lackluster spending results. The forecast for December interest rates is looking rather frosty!

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