Blackhawk halting some foreclosures
JANESVILLE — Taking a cue from mortgage giants Fannie Mae and Freddie Mac, a local credit union is putting a temporary halt on some foreclosures.
Blackhawk Community Credit Union is sending letters today to homeowners with mortgages held by the credit union that are in foreclosure and about to proceed to sheriff's sale, said Al Herbst, vice president of real estate services.
He estimates fewer than a dozen homeowners will be affected by the moratorium.
Herbst said the letters urge homeowners to call the credit union.
"So often throughout the whole foreclosure process, they don't try to contact us," he said.
Herbst said affected homeowners have a few options including modification of the terms of their mortgage, development of a repayment schedule that spreads out overdue payments or short sale of their homes.
Herbst said at least a few homeowners facing foreclosure should be able to get back on track. But realistically some homeowners still will proceed to sheriff's sale after the moratorium is lifted, he said.
"We're not going to kid ourselves," he said. "But if we can turn even one around, that's going to be a success here."
The temporary halt will in be in effect from Wednesday until Jan. 9.
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