Fannie Mae and Freddie Mac want to give people who live in foreclosed homes first chance at purchase

The foreclosure crisis is adversely affecting neighborhoods across the country. Empty homes invite crime and vandalism, which further drives down the value of adjacent homes.

But Fannie Mae and Freddie for solutions on how to deal with the inordinate number of vacant homes by creating a new program that gives preference to people who will live in a foreclosed home as their primary residence.  Some people don’t hire foreclosure attorneys to prevent eviction so these properties end up in the already overstocked housing market.

Investors often scoop up these home that have been seized by the banks to make huge profits once the home has sold, but the market is slow and the homes can sit empty for some time.

Under the “First Look” program these buyer will be given temporary preference and have 15 days to submit offers to purchase before investors are allowed to make a bid. During this two week period Fannie and Freddie won’t even take any bids form investors.

Foreclosure filings are on the rise again, while home sales are lackluster. A house is worth fighting for and people who are facing eviction can employ a foreclosure attorney to help them with this struggle.

The unemployment rate and rising costs of goods and services are burdening the nation’s homeowners. Some just give up on paying their mortgage while others want to keep their homes. Troubled homeowners can ask their foreclosure lawyers to work on modifying their mortgage.