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Written by Les Christie
NEW YORK (CNNMoney.com) -- Several of the big mortgage players are playing Santa Claus again this year, saying they will not evict borrowers in default during the two weeks surrounding Christmas.
Freddie Mac (FMCC) and Fannie Mae (FNMA), the two government-controlled mortgage giants, are freezing all foreclosure evictions on mortgage loans they own or back from Dec. 20 through Jan.3.
Evictions mark the end of the foreclosure process. After the home is sold at foreclosure auction -- or banks take possession of the home -- owners must leave the property or face eviction notices.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
House hunters are too scared to buy
For some of the big private banks, who also usually observe a freeze during the holidays, the situation is a little different this year, thanks to moratoriums they already have in place because of the robo-signing scandal.
That freeze was initiated to give the banks time to examine whether they violated any legal procedures in processing foreclosures and to correct and refile questionable documents they uncover.
A spokesman for Bank of America (BAC, Fortune 500), Rick Simon, said that made addressing this year's situation a little awkward but it would still observe its usual holiday policy.
"Bank of America's practice in recent years [is to hold off on] foreclosure sales or evictions from late December through New Year's Day on loans held in our investment portfolio or that are owned by investors who give the bank delegated authority," he said.
Silicon Valley Real Estate Blog News Report
MARKET UPDATE: Silicon Valley Real Estate - Santa Clara county
Silicon Valley Real Estate - Santa Clara County Real Estate Sales Up, Prices Down in 2011
Single-family, re-sales home sales were up 0.5% last year. Unfortunately, after a nice gain in 2010, prices were down. The median price for homes dropped 5.3% and the average price was off 1%. ...
UPDATE: Silicon Valley Real Estate Market Trends
SILICON VALLEY REAL ESTATE MARKET TRENDS Market Statistics Sale of single-family homes, re-sale single family homes fell 4.9% in October, 2011 from September,...
Read More...Who are the richest in Silicon Valley?
Mary Ann Azevedo
Reporter - Silicon Valley / San Jose Business Journal A pair of college dropouts are Silicon Valley’s wealthiest residents, according to Forbes magazine. With a net worth of $33...
U.S. Cities Where Homes Sell the Fastest - San Jose, CA #2
U.S. Cities Where Homes Sell the Fastest By Paul Toscano, CNBC.com September 20, 2011 Although the U.S. housing market continues to struggle, many local markets are doing significantly better than the country as a whole, with some places virtually missing the housing bust altogether. While shifts in Read More...
California Housing Market Forecast for 2012
C.A.R. Releases Its California Housing Market Forecast for 2012 Modest increases in both sales and price expected next year SAN JOSE, Calif., Sep 20, 2011 (BUSINESS WIRE) -- California home sales and median price are predicted to improve...
Read More...Luxury Real Estate on the Road to Recovery
by Mike Wheatley - 22 September 2011 Luxury home markets are bouncing back, with bidding wars heating up and properties being sold off at increasingly rapid speeds, bucking the trend set...
Read More...Flurry of commercial real estate deals in Silicon Valley
EOP in the right places in Valley market Date: Friday, September 16, 2011, 5:46am Mary Ann AzevedoReporter - Silicon Valley / San Jose Business Journal
Equity Office Properties has had a busy 2011. The
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San Jose Community - fighting foreclosures
San Jose: Community group urges residents to fight foreclosure ...
Read More...- MARKET UPDATE: Silicon Valley Real Estate - Santa Clara county
- UPDATE: Silicon Valley Real Estate Market Trends
- Who are the richest in Silicon Valley?
- U.S. Cities Where Homes Sell the Fastest - San Jose, CA #2
- California Housing Market Forecast for 2012
- Luxury Real Estate on the Road to Recovery
- Flurry of commercial real estate deals in Silicon Valley
- San Jose Community - fighting foreclosures
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