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FORECLOSURES HALTED FOR THE HOLIDAYS

By
Real Estate Agent with RE/MAX Real Estate Concepts

Many of the larger mortgage lenders in the country are showing a sense of compassion again this year as they have announced that they will not evict any families from their homes during the holiday season. Fannie Mae and Freddie Mac have also joined in by announcing that they will freeze anyforeclosure evictions between December 20 and January 3.

 


Evictions occur once the foreclosure process has completed. People can typically stay in their home until this phase of the foreclosure process. When someone is evicted from their home, thebank has either taken possession of it or it was sold at a foreclosure auction. If the homeowner does not leave the home, they will be evicted at this time.

Anthony Renzi, a high-ranking executive at Freddie Mac, said the mortgage giant will not evict people if they are in the home during the Christmas season in order to give the families a "greater measure of certainty." Rick Simon, a spokesperson for Bank of America, said the "robo-signing" scandal in recent months has made this year's thought of freezing evictions during the holiday season a little awkward, but they still plan on observing that policy this year. For JPMorgan Chase, a spokesperson said it will be weeks before the lender begins actively pursuing evictions again.

This holiday moratorium on evictions could affect tens of thousands of defaulted mortgages across the United States. There are about 100,000 new bank repossessions on homes each month, there will be many happy families who will appreciate having a home to live in through the New Year. On the downside, defaulted mortgage borrowers should be prepared for the worse once the first week of 2011 arrives. Some banks may step up their eviction efforts which could result in a couple hundred thousand homeowners being kicked out onto the streets during the first part of the new year.

 

 

Article Submitted by: CA Hagy

 This is defiantely not a long term plan, but will help thousands for familes have a place to spend the holidays and try to enjoy the holidays. Why I think this is important is it allows people that that have more time to seek out their options for foreclosure alternatives.

As a CPDE/SFR I have the tools and knowledge to avoid a foreclosure.

Remember no matter what Foreclosure Alternative the owner may want to do my services are FREE to you. There is nothing to loose and everything to gain.

If you know someone please have them contact me.

 

 

Thanks
Shane Torres, Real Estate Expert
CDPE/SFR Specialist
RE/MAX Real Estate Concepts
1830 Princeton Dr. Ste C
Grimes, IA 50111
Licensed Real Estate Agent in Iowa

Phone 515-202-5894
Fax     866-838-0904
shanetorres@remax.net
reoshane@realestateconcepts.net

For Information on foreclosure alternatives visit www.shanestopsforeclosures.com
 

visit my web site at www.sellingcentralia.com for more information on current listings
 

Posted by

Thanks
Shane Torres, BROKER/MANAGER

CDPE/SFR/RCC/CNHAS/CIAS/GREEN/203K Certified

RE/MAX Real Estate Concepts
201 N 3rd St Ste H
Polk City, IA 50226
Licensed Real Estate Broker in Iowa

Phone 515-984-0222

Fax     866-838-0904
shanetorres@remax.net


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Rebecca Nystrom
RE/MAX Renaissance - Phoenix, AZ

That is great to hear.  Just wish they had halted Dec 1.  Forcing a family to move this month just adds to their stress and feeling of being displaced. 

Dec 10, 2010 02:52 AM
Jason Channell
Diadem Property Inspections - Serving Southeast Michigan - Troy, MI
The House Sleuth

Are they showing a sense of compassion, or are they on vacation for two weeks? Either way, I guess any relief is good.

Dec 10, 2010 02:54 AM
John Combs
Alan Deblat Real Estate Corp. - Oceanside, NY

Nice to hear that there is some compassion. I hope this extra time helps.

Dec 10, 2010 02:56 AM
Jimmy Katz
Wynd Realty & Katz Realty Group - Alpharetta, GA
"REAL Solutions for Real Estate!"

i have mixed emotions.  it is not like the foreclosure is a total surprise to the homeowners.  i am sure they have had plenty of time to know what was coming.  in order to get to a better market, we need to clear out the foreclosures

Dec 10, 2010 02:57 AM