Checking The Pulse Of The Kansas City Real Estate Market

Delaying foreclosures on someone who’s stopped making their mortgage payments comes to the disdain of many homeowners who continue to meet their financial obligations during tough times. The whole foreclosure mess is frustrating to tax payers who feel they’re footing the bill in many cases, while a neighbor continues to live in their home for “free” while awaiting completion of the foreclosure process. Yet when looked at more closely, this has merit and is clearly the compassionate thing to do, since it gives families a chance to get through the holiday season.

It doesn’t stop the banks from taking all the other steps they go through to keep the foreclosure process moving along — it just temporarily stops the sheriff from showing up at the door and evicting people from the home. From what I’ve read to this point, Freddie Mac, Fannie Mae and Bank of America – three of the major financial institutions involved in today’s foreclosures – have all halted foreclosures for approximately two weeks beginning this week.

Posted by Jason Brown