LENDERS TO HALT FORECLOSURE EVICTIONS OVER THE HOLIDAYS

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19,2009 through January 3, 2010.  To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted.  Freddie Mac's suspension of evictions will be limited to properties up to four units.

In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns.  Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors.  Given these developments, other lenders may follow suit, so check with the lender if appropriate.

source: CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), 12/18/09

Posted by Martha Longhi at 12/18/2009 1:53 PM
Categories: Real Estate
 

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