Business & Tech
Fannie Mae, Freddie Mac and Other Lenders Announce Holiday Break for Home Evictions
The legal process may continue through the holiday period, but no families will be evicted between December 19th, 2011 and January 2nd, 2012
Mortgage giants Freddie May and Fanny Mac announced Thursday that they will give a two week respite on home evictions during the holiday season.
No families will be evicted between Dec. 19, 2011 and Jan. 2, 2012, though legal proceedings on forclosures will continue during the holiday season.
The two agencies have placed the same contition on holiday evictions since the U.S. government bailed them out in 2008, to the tune of $124 billion.
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This year, other lenders are following suit. Chase Mortgage and Wells Fargo both announced that they will halt evictions from Dec. 22 - Jan 2, though Wells Fargo will continue "foreclosure-related actions" for loans it services through other lenders.
Bank of America has said that it will avoid foreclosures during Thanksgiving and Christmas, but will not halt them entirely.
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In Rohnert Park foreclosures are of particular concern: A quick survey of RealtyTrac shows that and in September alone, there were 81 foreclosures.
Are you or someone in your family facing a home foreclosure? Will the holiday stall effect you?
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