Daily Real Estate News | Tuesday, December 04, 2012
Mortgage giants Fannie Mae and Freddie Mac announced Monday that they will temporarily halt all bank repossessions and evictions beginning in mid-December until Jan. 2, 2013.
The temporary foreclosure suspension goes into effect beginning Dec. 17 and Dec. 19, respectively. The moratorium will not affect the filing notices of default or the scheduling of auction sales.
“The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,” says Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae.
Bank of America also recently announced that it is halting foreclosure evictions for the holidays for loans it owns and for those it services for investors. JPMorgan Chase, Wells Fargo, and Citibank have yet to release a statement on whether they’ll follow suit, although they have done so in the past for the holidays.
Source: “Fannie and Freddie Halt Foreclosures for the Holiday,” CNNMoney (Dec. 3, 2012)
Stewart Real Estate Company