NORRISTOWN PA – The nation’s top two insurers of home mortgages have stopped processing foreclosures during the holiday season, but that’s unlikely to help the owners of five Lower Pottsgrove (PA) Township properties that are scheduled for a Dec. 17 Montgomery County (PA) sheriff’s sale at the county courthouse.
Fannie Mae and Freddie Mac, the government-sponsored organizations that back the bulk of U.S. mortgages, announced plans to suspend foreclosure proceedings and evictions from last week (Nov. 26, 2008) through Jan. 9. Their intent is two-fold: troubled homeowners get more time to sign up for a government program that could make their loan more affordable, and it also makes the lenders seem less Scrooge-like to the public. The delay applies only to occupied properties, according to foreclosure attorneys who work with Freddie Mac.
Just eight days before Christmas, however, properties in Walnut Ridge Estates, and on North Pleasantview Road, Creekside Drive, Mervine Street and North Keim Street all are scheduled among 330 to be sold to the highest bidder by the county Sheriff’s Department.
There is no guarantee the sales will actually occur. Some may be re-scheduled or, in happier circumstances, the owners and their lenders might reach an agreement that brings the property out of foreclosure.
Scheduled as of Monday, (Dec. 1, 2008) were:
- 1803 Walnut Ridge Estates, amount owed $106,675;
- 1347 N. Pleasantview Rd., $249,455, possibly to be postponed to Jan. 28, 2009;
- 213 Creekside Dr., $245,138;
- 573 Mervine St., $236,252, possibly to be postponed to Jan. 28, 2009; and
- 1441 N. Keim St., $99,165, possibly to be postponed to Jan. 28, 2009.
Sale costs, ranging between $302 and $1667 depending on the property, accompany the amounts owed.