As expected many of the nation’s largest lenders have enacted a foreclosure moratorium over the holidays…

I will bottom line this for you.

Banks are closed over the holidays…as are the courts. Thus, bank foreclosure moratoriums. As long time HREU students know…NONE of these moratoriums….government intervention programs have done anything significant to truly ‘help the homeowner’. All these well intentioned..half measured programs really do is kick the can down the road.

The only true help for homeowners must come from caring, competent and skilled Realtors.YOU.

2010 IS the year of the Short Sale. The new Treasury Department Short Sale Guidelines have created what we have been expecting to happen since 2006. A truly streamlined Short Sale.

Citigroup will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.

The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.

“We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes,” Sanjiv Das, head of the company’s mortgage division, said in an interview.

I had to read that last quote a couple times….wouldn’t that be like the undertaker telling you to not worry about your health?

The suspension means Citi will halt foreclosure sales and stop evicting homeowners from properties it has already seized. The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices.

Das also said the company is working on “some long-term fundamental alternatives” to foreclosure, but declined to be specific. “We know that moratoriums are not permanent solutions,” he said.

Watch: the new language going into 2010 will be ‘foreclosure alternatives’. Don’t think this means loan modifications. When they say ‘foreclosure alternative’…they mean Short Sales. 2010 is a mid-term election year. This means the politicians running for reelection want to be able to claim that ‘foreclosures are slowing’…that may indeed by true from a technical perspective. But, only because they are doing more Short Sales. Clearly one of the best ways to help others and make money in 2010 will be listing and selling short sales.

Agents: Learn how-to earn your HREU CDPD. Become a Harris Real Estate University, Certified Distressed Property Designated agent. You can earn your HREU CDPD by enrolling now for ONLY $97! No time consuming…2 day sales pitch to sit through. Call 866-422-9497 or go here now to enroll:

We broke the news about the new Short Sale Treasury department guidelines back in October. Watch the videos we put together for you explaining what is going to happen in 2010 with Short Sales.

Most major lenders suspended foreclosures last winter while the Obama administration developed its $75 billion loan modification program. Foreclosures picked up again after those suspensions lifted. In recent months, they have fallen as banks evaluate whether borrowers qualify for the government program.

Note: Wanna guess how many of mortgage loan mods have become a permanent loan mod….remember, 75 BILLION set aside for this program…how many homeowners were ‘helped’…..wait for it…wait for it….30,000. For 75 BILLION why didn’t the government just buy those homes outright and give the home to the borrower. I bet THAT would be resulted in LESS money being spent!

Citi has enrolled about 100,000 borrowers in the Obama program, but had made only about 270 of those modifications permanent as of the end of last month, according to a Treasury Department report. But Das said the low number resulted from a “reporting error” and said it will rise dramatically by year-end.

riiiiiiight.

“I have put a lot of pressure on my team to make sure that there is almost nothing left in the pipeline,” he said.

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