Some Foreclosure Evictions Break for the Holidays

Written by: Steve Cook   Fri, December 18, 2009 Beyond Today's News, Foreclosure Situation

 Yesterday Fannie Mae and Freddie Mac joined Citigroup Inc. in announcing they will suspend evictions of foreclosed homeowners until after the holidays.

 Last year the government sponsored companies came up with the idea for the holiday moratorium and announce it November 21, and gave nearly six weeks of relief to about 16000 families facing homelessness.  To avoid the mantle of Scrooginess, many other major lenders followed their lead.

 This year, Citicorp beat out Fannie and Freddie to the holiday moratorium PR prize.  Citi suspended evictions for 30 days, until January 17, for some 4,000 former borrowers.

 ”We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time,” CitiMortgage President Sanjiv Das said in a statement. “And we will continue to look for meaningful ways to assist our customers experiencing hardship.”

 Not only were Fannie and Freddie 27 days later this year than last announcing their moratorium, they’re giving families facing foreclosures only 15 days of holiday peace, from December to January 3, 2010.

 Tenants living in foreclosed properties backed by Fannie Mae mortgages will also not be subject to evictions during the holiday timeframe, according to Fannie Mae.

Leave a Reply