While some of us have been busy making our lists and shopping for gifts, many families around the country have been planning how to manage their home in foreclosure this Christmas. The unfortunate reality is that many people will face losing their homes this holiday season. However, Fannie Mae and Freddie Mac and several other large mortgage lenders announced earlier this week that they will halt foreclosure proceedings until after the holiday season is over.
A Gift For The Holidays
At the surprise of many, big mortgage lenders do care about delinquent homeowners. Many mortgage servicers have made plans to help struggling homeowners find peace of mind that their family will not be evicted or expected to move out this holiday. Homeowners will get a break from the stress and worry of their impending foreclosure, at least for the next few weeks.
Lenders do plan to continue some aspects of the foreclosure process during the holiday season such as legal and administrative proceedings, just will not be issuing eviction or vacate notifications. Many mortgage servicers have vowed to not proceed with any current foreclosures, including Chase and Bank of America. Some smaller banks are even offering t halt evictions and foreclosures until after January 2nd of 2012. The lender’s efforts are expected to temporarily warm the hearts of tens of thousands of families who will be forced to seek foreclosure alternatives or face eviction after the new year.