Happy holidays struggling homeowners! Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.The caveat is that these temporary suspensions only apply to loans in a bank's own portfolio. For loans the banks service for others, evictions will still occur.
For homeowners with loans through Fannie Mae and Freddie Mac, the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement.
"No family should have to give up their home during this holiday season," said Terry Edwards, an executive vice president for Fannie Mae.
Among some of the major banks that offer mortgage loans, Chase Mortgage said it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo will also suspend evictions during that period, but will not shut down its eviction machinery entirely. ...
Bank of America said that it would "avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays."
Monday, December 19, 2011
Mortgage lenders suspend evictions for the holidays
Merry Christmas, delinquents! You get a free pass for about two weeks:
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Well even though it is horrible that people are having their homes taken from them, this is a nice, if not slightly pointless, gesture from the mortgage lenders.
ReplyDeleteIt's sad that families are evicted from their homes because of failure to pay their mortgage. But then, this temporary suspension during the holidays is somewhat a nice move. At least families wouldn't be homeless during the holidays.
ReplyDeleteSelena Manchester