Fannie Mae, Freddie Mac and several large mortgage lenders are giving struggling homeowners a present. They won't foreclosure on their homes during the upcoming holidays, CNN Money reports.
"No family should have to give up their home during this holiday season," CNN Money quoted Terry Edwards, an executive vice president for Fannie Mae as saying.
Although many people will be granted the opportunity celebrate Christmas and bring in the new year in their homes, they shouldn't be misled that the whole foreclosure process is coming to an immediate grinding halt. Lenders plan to continue their legal and administrative work.
According to Fox Business Network, this reprieve simply means that families in foreclosed homes won't be kicked out until after Jan. 2.
Also, homeowners should note that the holiday spirit may not extend to those set to be evicted in the few weeks. When the evictions will stop for the holiday grace period depends on the lender.
Fannie Mae's free pass will begin on Dec. 19, reports Fox Business Network. However, banks such as Well Fargo and JPMorgan Chase won't suspend evictions until Dec. 22, according to CNN Money.
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