Freddie Mac said late Wednesday that it will suspend foreclosure sales on mortgages eligible for the Home Affordable Modification Program announced as part of the Obama administration's Making Home Affordable plan. Freddie Mac will ask its servicers not to complete a foreclosure sale on a mortgage eligible for the Home Affordable Modification program unless they made an effort to contact the borrower and the borrower either did not respond or lacked the capacity to participate in the new program or any other Freddie Mac workout program. Freddie Mac's previously announced suspension of foreclosure sales will expire on March 6. Now this foreclosure suspension is indefinite.
Is it possible they are just putting off the inevitable?
-Christopher Rockey
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