Banks Halt Foreclosures | No Instant Payday Loans for Mortgages

Don’t grab that payday loan so fast

Two companies are working on making these signs less common.

Homeowners considering getting instant payday loans to cover their mortgage so they don’t get evicted might be able to hold off.

Moratorium on foreclosures

Payday loans are great for keeping your credit in good standing if you use them to make mortgage payments on time. However, if you are facing foreclosure, it’s probably too late to be worrying about your credit.

If your mortgage is held by either JPMorgan or Citigroup, you don’t have to worry about foreclosure, either. At least not for a month. So instead of getting instant payday loans, start saving now to make sure you have the money to keep your house next month.

Banks wait for word from Obama

JPMorgan Chief Executive Jamie Dimon says the company will not foreclose any owner-occupied homes before March 6. Citigroup won’t foreclose mortgage loans on homes that are the borrower’s primary residence.

Citigroup’s moratorium will last through March 12 or until the White House has finalized the loan modification program, whichever comes first. ... click here to read the rest of the article titled "Banks Halt Foreclosures | No Instant Payday Loans for Mortgages"