Temporary Reprieve For Portland Real Estate Foreclosures
Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.
Happy Holidays For Struggling Portland Seniors
For Portland homeowners with loans through Fannie Mae and Freddie Mac , the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes.
Among some of the major banks that offer mortgage loans, Chase Mortgage said it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo will also suspend evictions during that period, but will not shut down its eviction machinery entirely.
The bank said it will observe the moratorium on foreclosed properties in its own portfolio but for loans it services for other lenders “foreclosure-related actions may still occur.”
Bank of America will avoid foreclosure sales or displacement of homeowners or tenants around the Christmas holidays.
However, that policy only applies to loans the bank itself owns. Like Wells Fargo, it will also honor the wishes of the owners of the loans it services, which could mean moving forward with certain foreclosures.
A holiday halt on foreclosures by the major mortgage lenders could affect tens of thousands of homeowners. An average of 89,000 foreclosure auctions a month have been scheduled this year, according to RealtyTrac. Once a home has gone through that process, eviction is the next step.
Portland Homeowners To Get Second Chance
There could be a small handful of borrowers who might benefit permanently from the suspension. Sometimes, albeit very rarely, a Christmas miracle will occur where a borrower finds the cash to get current on their mortgage again and keep their home.
In 2012 Banks To Continue With Foreclosures
For the overwhelming majority of borrowers in default, however, it is a temporary reprieve, a symbolic gesture to help people out during the holidays. Then, come the New Year, everyone gets back to business, including mortgage lenders.
Check With Your Lender
If you are a senior facing foreclosure, you want to make sure you check with your lender to make sure there will be a reprieve in your case.
Source: CNN Money
ALL ABOUT…..Seniors.Boomers And Small Houses. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.
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