Dec
18

Home Evictions Halted for Holidays

December 18, 2011

Happy holidays, struggling national and Chicago real estate owners.

Fannie Mae, Freddie Mac and several other large mortgage lenders have promised to halt all foreclosure-related evictions from December 19 through January 2.

house with a bow around it.This has become a common practice during the holiday season, and I’m sure struggling homeowners appreciate the reprieve. While legal and administrative proceedings involving foreclosures may continue during this time, all families will be able to stay in their homes for the holiday season.

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, executive vice president of Credit Portfolio Management for Fannie Mae.

“No family should have to give up their home during this holiday season.”

Other banks that are following suit around this time include Chase Mortgage, Wells Fargo and Bank of America.

Maybe a holiday miracle will help those homeowners approaching foreclosure find the money to come current on their mortgage payments before the New Year, when mortgage lenders get back to business.

If not, there are resources out there to help you. Visit knowyouroptions.com with Fannie Mae to find information on foreclosure prevention options.

Freddie Mac has its own resources at freddiemac.com/avoidforeclosure.

Happy holidays, homeowners!

Categories: Economy, Featured, Mortgages

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Tracey

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