Announced on Friday, the two largest lenders in the country, Fannie Mae and Freddie Mac, will not pursue foreclosures on some homes set to go on the chopping block in the coming months. More than 16,000 homes will be able to stave off foreclosure until January 9^th.  The only homes that may not qualify are vacant homes.

While the gesture buys these homeowners time, it is not a lasting fix. For any homeowner who may be included in this process, the two powerhouse lenders are trying to determine if you qualify for the new loan modification program that occurred recently. 

What are the options for someone who is in this situation or perhaps even someone that is heading into it? Let us look at what you can do now, even if you are not directly feeling the effects by these foreclosures halting.

#1: Do nothing, buy yourself some time over the next few months if you do have a Freddie Mac or Fannie Mae backed loan. If you aren’t fighting the foreclosure, you have a bit longer to find a new place to live. This is not the recommended option for most, though.

#2: Contact your lender and find out if the lender is offering a loan modification program. If you have a loan backed by either of these agencies, they you will find they will be willing to work with you to find n option, if one is out there.

#3: Contact your lender (even if you do not have a Fannie or Freddie backed loan) and as for loan modification or help in getting your loan caught up. Many lenders will work with you, even during the foreclosure process, since they are losing a sizable amount of money from each foreclosure.

#4: Call a foreclosure specialist or FHA approved specialist to give you the help you need. These professionals can work with you to find out what help is available and give you advice on what all of your options are (not just those that your lender wants you to consider.) This is the best recommendation for anyone struggling with their mortgage.

Unfortunately, while Fannie Mae and Freddie Mac do get a lot of attention since they are government backed companies, they are not the only lenders out there who are facing large numbers of foreclosures. In fact, the two only have about 20 percent of the delinquent loans on the books.

An estimated 4.4 million people are struggling to make ends meet and may undergo foreclosure in the coming year according to the Federal Deposit Insurance Corporation.  Each of these individuals is struggling to make ends meet and most of them need some type of support now, before the process worsens.

Many people will qualify for the new loan modification programs. If you are unsure if you do, or you need to know your options, don’t wait. There is nothing worse than waiting too long only to find out that you could have saved your home last week (after a certain amount of time, the foreclosure process is difficult to stop.)

For those who are struggling with foreclosure, contact a professional FHA specialist to get help now. If you are not currently suffering from foreclosure yet, but you are worried that this will become a problem for you in the coming months, act now. While the government is not going to protect your loan totally, there may be options including refinancing r restructuring of the loan. These options can help you to get back on track before the problem worsens.