Facing foreclosure is an unpleasant situation to be in – particularly around the holiday season. The financial stress brought on by the impending loss of a home plus trying to give their family a happy holiday season can make many folks seem overwhelmed. However, some of the largest mortgage lending organizations released a bit of hopeful news to those with homes in foreclosure.
Starting December 17, 2012, Freddie Mac plans to suspend eviction notices for those facing foreclosure. Fannie Mae has a similar program starting December 19, 2012. Both organizations will resume sending out eviction notices on January 2, 2013.
In a press release by Fannie Mae, Terry Edwards, the executive vice president of credit portfolio management at Fannie Mae says, “We’re taking this step in support of families who have faced financial challenges… The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.”
CNN Money notes that several mortgage lenders are following suit, including Bank of America, Wells Fargo and Citibank. JP Morgan Chase just released that they plan to suspend evictions from December 19, 2012 until January 2, 2013.
While suspending evictions on foreclosures gives families a break during the holiday season, it doesn’t mean that they won’t eventually have to face losing their home. The good news is that this suspension may provide families with time to get help from a mortgage lender or find a new home.
If you face the possibility of foreclosure, see if one of these ways you can avoid losing your home might work for you. Furthermore, you may qualify for assistance or a loan modification through the HARP program.
There are plenty of options to save your home. If you aren’t sure where to start, speak with one of our Home Loan Experts today.
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