Banks cannot foreclose for 90 days now is this also true for credit unions?

Question

Banks cannot foreclose for 90 days now is this also true for credit unions?

Answer 1

Where on earth did you get this information?

Reps. Barney Frank and Maxine Waters, and Sen. Christopher Dodd have asked lenders to suspend foreclosure activity on anyone who might qualify for assistance under the proposed housing legislation.

Chances of that happening?

Slim to none.

If you'd like to get a handle on what's really going on with the American Housing Rescue and Foreclosure Prevention Act from a PRACTICAL standpoint, I have a few posts on my blog:

http://foreclosureresolutioncenter.com/b...

Now, if you have a loan that was being serviced by Indymac Bank (now taken over by FDIC), they have suspended foreclosures temporarily, while they're shopping for a new servicer to take over the loan portfolio.

This will give you some time to get back on your feet, but it's not clear how they're going to handle workouts, and there's a chance you could end up with a brand new mortgage servicer before you get a workout option.