Fannie and Freddie Pledge No Foreclosures Over the Holidays

Homeowners with mortgages owned by Freddie Mac or Fannie Mae will not have to worry about getting foreclosed upon during the Christmas season thanks to a temporary moratorium that will run from Dec. 19 to Jan. 2.

But, since not all loans are owned by Freddie Mac or Fannie Mae, a handful of banks (lenders) have also stepped up to offer temporary foreclosure relief during the holidays. Chase, Wells Fargo and Bank of America have all announced plans to not evict homeowners during the holiday season though the programs vary in length by lender.

However, this does not mean that the foreclosure process will stop entirely. During this time lenders will still continue other foreclosure-related activity including legal and administrative proceedings.

If you are at risk of foreclosure and are worried that you may be evicted this holiday seasons be sure to check with your lender (not your servicer) to see if they are participating.

> First Person: 5 Things to Do If You’re Facing Foreclosure