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No Foreclosures over Holidays

Tuesday, December 06, 2011   /   by Nathan Clark

No Foreclosures over Holidays

The government-sponsored entities that back mortgages, as well as some of the largest lenders and mortgage servicers in the United States, have agreed to a moratorium on foreclosure actions over the holidays.

Fannie Mae and Freddie Mac, the taxpayer-supported organizations that underwrite most mortgages have announced that no foreclosure actions will be filed against homeowners from Dec. 19 through Jan. 2, 2012.

Major banks, such as Bank of America, have pledged it would “avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays.” Chase and and Wells Fargo have also said they will suspend the evictions of homeowners from foreclosed homes.

Foreclosure activity has affected an average of almost 90,000 households per month this year, so the holiday break could impact tens of thousands.
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Nathan Clark & Associates
Nathan Clark Team
39 Cedar Swamp Rd
Smithfield, RI 02917
401-232-7661

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