A court in South California has issued an order halting certain home foreclosure sales. The injunction – which I believe to be the first of its kind for a broad class of borrowers — prevents stops foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that is participating in federal mortgage foreclosure assistance programs. The court reasoned that it was necessary to give homeowners an opportunity to determine if they qualify for assistance. This is an encouraging development and it will be interesting to see if other states follow suit.
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