After the state of Oregon suspended foreclosure evictions for the holidays, it is possible that many homeowners cherished hopes that they might be able to stay in their homes a little longer once the Christmas season was over. However, that is not to be. Although Freddie Mac and Fannie Mae both froze foreclosures until January 3, 2011, so that evictions would not happen over the holidays, in Oregon banks are set to repossess about 100,000 homes in January, 2011.
Pete Cislo, a member of a local homebuilders association, said that “one in every 410 homes in Jackson County [part of Southern Oregon] went into foreclosure last year.” The area is going to be hard hit this winter as the evictions take place, he added.
Oregon does have federal funding to help 5,000 families with their mortgage payments up to the amount of $20,000. However, applicants will be selected by random lottery and do not actually have to be behind on their mortgage payments, so it is unlikely that the program will have any particular benefit to those facing imminent foreclosure unless they just “get lucky.”
Do you think that suspending foreclosures over the holidays is a good and reasonable practice?
Do you think that this “random selection” for mortgage payment assistance is fair?
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