Fannie Mae and Freddie Mac are freezing foreclosure proceedings on homes from December 20, 2010-January 3, 2011 in an attempt to join in the holiday spirit for those who will lose their homes.
What they will prevent is people being evicted from their homes during this time period, hopefully allowing families to spend one last one together in them.
CNNMoney.com also interviewed Bank of America executives, who state that this is a practice they tend to follow each holiday season. Wells Fargo and JP Morgan Chase do as well. According to the article,
With the number of bank repossessions amounting to around 100,000 a month recently, the temporary reprieve could affect tens of thousands of borrowers in default.
That is a large number of people who could possibly have more time together.
The eviction process is the last step in the foreclosure process where the house has already been either sold at auction or been repossessed by the bank. The occupants of the house must either leave on their own at that point or face eviction.
So, a number of residents in foreclosure will get a few more weeks to breathe.
If you are facing foreclosure in Baltimore, please contact me. There may be other alternatives!