Forclosures on hold???

[lithi78]

A friend of mine who owns a home has received a notice of Default. She called her lender to see what her options were and in the process they informed her that "all foreclosures are on hold" until further notice.

Im in a similar situation where a notice of Default was recorded on my investment property on March 2nd of 2009. Ive contacted Countrywide to see in fact if they placed the foreclosure process on hold till further notice. The rep could not answer this question.

My question is has anyone else experienced or heard of the foreclosure process on hold? Also, is there is any way I can find out if my foreclosure process is on hold? Any phone number to Countrywide perhaps besides there HOPE department? Any suggestions would be greatly appreciated.

Thanks

[Moe Bedard]

Is your friend going through the process of modification on their owner occupied principle residence under the new Making Home Affordable modification program that was announced on March 4th?

[lithi78]

Yes she is, her loan mod has an initial "approval" from her lender.

[Moe Bedard]

that could be the reason.............the program guildelines regarding foreclosure only cover the modification on principle residences going through this modification program.............



From the guidelines:

Many lenders have made a commitment to postpone foreclosure sales on all mortgages that meet the minimum eligibility criteria for a Home Affordable Modification until those loans can be fully evaluated.

[sqa4life]

I met the minimum eligibility criteria for a Home Affordable Modification and CW denied my application. They said i am only one month behind and they don't care about my issues: lost one source of income since 11/2008, new born baby, medical bills, max out credit cards, monthly expenses have been double since the new baby came out.

if they don't care to help, I'll just stay until they kick me out :-)