What About That Foreclosure Moratorium?

Fannie Mae and Freddie Mac as well as lenders who said they were going to put a moratorium on foreclosures through the end of the year holidays are apparently proceeding with foreclosure actions anyway.

Brad German, a spokesman for Freddie Mac, says the company is continuing to process the foreclosures so paperwork will be in place by Dec. 15—although home owners won’t receive final notices until after the first of the year.

"Foreclosure is scary as hell," wrote a Business Week reader, who is going through the process. "They send strange men to your house after dark on Saturday night to hand-deliver copies of documents from a metal lockbox. Every day brings more certified mail. The mailman has to knock and wait for us to sign things—three different certified copies of everything, one to 'occupant' and one to my wife and me.

"Source: BusinessWeek.com, Christopher Palmeri (12/04/08)