Fannie Mae Freezes Foreclosures

Fannie Mae, Freddie Mac and several other banks are doing a little something (well actually they are stopping something) to help struggling homeowners during the Holidays.  From December 19, 2011 through January 2nd 2012 Fannie, Freddie and several other jolly banks are putting a moratorium on evicting foreclosures homeowners during the Holiday season.

Legal proceedings may continue during these times however families will not be forced to move from their homes.  According to Realty Trac, 89,000 foreclosures were scheduled each month in 2011.  Fannie, Freddie, Chase, Wells Fargo, Bank of America and other financial institutions will not evict foreclosed homeowners (actually former homeowners) until early January.

Beware, these institutions can only control loans that they own.  If they are servicing the loan while some other financial institution owns it, that loan is still fair game unless that institution is staying away from grinch behavior during the Holidays as well.

Homeowners looking to buy a home in Tempe, Mesa, Chandler, Phoenix, Scottsdale and other cities in Maricopa County may see a bit of a perceived surge in inventory levels in early 2012 as a result.  For now however, it appears that our supply of homes in Arizona may still be a bit “slim.”

By Jeremy House

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