Freddie Mac announced earlier this month that it has "ordered all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac mortgages to be suspended from December 20, 2010 to January 3, 2011." Happy holidays!
They went on to provide a statement by Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac, that "if the property is occupied, [Freddie Mac] foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays."
This is actually something that Freddie Mac has been doing for years. So if you're considering a foreclosure but were worried about where you might be spending the holidays, review whether you will be impacted by the temporary holiday foreclosure freeze.
Foreclosures are nothing new to the Phoenix housing market. They account for over half of the resale market and are expected to continue into 2011. Though we want to see people staying in their homes, foreclosures are offering many younger first-time buyers the opportunity to get into the market - as well as offering investors an opportunity to build their portfolios.
Read more about "Phoenix foreclosures continue . . . but not during the holidays!," at MyPhoenixmls.com
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