Evictions After Foreclosure to be Suspended by Big Lenders During Christmas Holiday Season

 

Some big mortgage lenders are saying again this year that they will not evict borrowers after foreclosure during the two weeks from Christmas to New Years weekend.

Freddie Mac and Fannie Mae, the two huge U.S. government-controlled mortgage companies, are freezing all foreclosure evictions on mortgage loans they own for time from December 20 through January 3, 2011.

Evictions would take place at the end after foreclosures are completed.  That would be after a home is sold at foreclosure auction or when lenders take possession.  Prior owners would then have to move out or be evicted through legal process.

Bank of America said it would observe its usual holiday policy of no evictions after foreclosure during that time, that its practice in recent years has been is to hold off on foreclosure sales or evictions from late December through New Year's Day on loans where the bank has that authority from lenders.

So people facing Bank of America foreclosure auctions and evictions apparently won't have to worry this year until after January 3, 2011.

It's probably good that folks facing eviction after foreclosure will be safe at home during this time.

Source: CNNMoney.com, December 3, 2010

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage, Irvine, CA - 949-854-7747 (phone) - CA DRE 01410855 - ExploreProperties@gmail.com (email) 

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