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SC court halts thousands of Fanny Mae home foreclosure sales
By MEG KINNARD – May
6 found at google.com
COLUMBIA, S.C. (AP) — South Carolina's highest court on Tuesday temporarily
stopped thousands of pending foreclosure sales in the state to give homeowners
more time to take advantage of a new federal program to help them refinance
mortgages.
The injunction — which mortgage experts said appeared to be the nation's
first court-ordered stop for an entire state — prevents judges in South
Carolina from finalizing foreclosure sales on properties guaranteed by Freddie
Mac, Fannie Mae or any other mortgage company that has signed on to a federal
assistance program.
RealtyTrac Inc., a foreclosure listing firm, says the ruling could affect
5,000 South Carolina homes facing foreclosure.
The ruling was in response to a request from a Columbia attorney representing
Fannie Mae, who had argued that it was necessary to keep homeowners who might be
eligible for federal assistance from being shut out of the process.
"Absent the injunction, mortgagors eligible for relief ... could be
denied their right to participate because their property was sold at the
foreclosure sale," lawyer Ronald Scott wrote in his three-page motion.
"This qualifies as irreparable injury for which the court should provide
redress in the form of a temporary injunction."
Fannie Mae said the ruling was necessary because of a South Carolina law
meant to ensure that foreclosures sales are conducted in a timely fashion. Under
the law, judges can cancel a foreclosure case and start over if the sale is
delayed for too long.
The company argues that South Carolina's law gives lenders an incentive to
speed up foreclosure cases because of the threat the process could be restarted,
which would cost lenders more money.
"This ruling will allow us the flexibility to evaluate problematic
mortgages in the state for possible eligibility for the (Obama) Administration's
modification program and reduce the overall borrower and company costs
associated with the foreclosure process," Fannie Mae said in a statement.
The Obama administration announced a plan in March to provide $75 billion in
incentives for the mortgage industry to modify loans to help borrowers avoid
foreclosure. Freddie and Fannie also rolled out a refinancing program for
homeowners who owe up to 5 percent more than current total value of their home
with an application deadline of June 2010.
Scott had asked the court to address about 1,000 South Carolina homes facing
foreclosure and backed by Fannie Mae loans. But in her order, state Supreme
Court Chief Justice Jean Toal expanded the stoppage to foreclosures backed
either by Fannie or Freddie — together, the government-controlled companies
own or guarantee almost 31 million mortgages, more than half of all U.S. home
loans — or any other lender who has agreed to participate under the Obama
administration's plan.
Toal also set a May 15 deadline for plaintiffs in foreclosure actions to
notify other parties if the loan is subject to modification under the federal
program. If it is, those foreclosure proceedings will remain on hold. But if
not, the sale can go forward.
Fannie Mae and Freddie Mac had suspended foreclosure sales through the end of
March to evaluate whether borrowers could qualify for the Obama program.
A spokesman for Freddie Mac, Brad German, said Tuesday the South Carolina
ruling was the first he'd heard of in the country by a court with statewide
jurisdiction.
"We're not aware of anything like this, anywhere else," German
said.
Nationally, the number of homes facing foreclosure grew 24 percent in the
first three months of this year from a year earlier. The total in 2008 was 2.3
million households that received foreclosure filings. In South Carolina, more
than 13,700 homes are in some stage of foreclosure, according to RealtyTrac
Inc., a foreclosure listing service in Irvine, Calif.
RealtyTrac spokesman Daren Blomquist also said the ruling appeared to be a
first.
"There have been some piecemeal things, but nothing that broad
statewide," Blomquist said.
Associated Press Writers Katrina A. Goggins and Alan Zibel contributed to
this report. Zibel contributed from Washington.
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
