Freddie, Fannie Ensure Everyone Is Home For Holidays
By Bobby Freeman, Florida Realtors® // December 4, 2012
REAL ESTATE NEWS FLASH
Freddie Mac and Fannie Mae, two of the country’s largest mortgage giants, are once again suspending all bank repossessions of homes starting Dec. 17 and running through January 2, 2013. This will ensure homeowners will be able to stay in their home for the holidays.
“The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae.
According to Freddie Mac, the suspension will not affect other pre or post-foreclosure activities, such as the filing notices of default or the scheduling of auction sales.
Fannie and Freddie aren’t the only ones helping distressed homeowners, Bank of America and JP Morgan says they will stop foreclosure evictions for any loans it owns or services for investors during the holidays.
Other large mortgage lenders, including Chase, Wells Fargo, and Citibank have postponed foreclosures during the holidays in the past, but have yet to announce whether they will do so again this year.
To help distressed homeowners in disaster areas marked by the federal government after Hurricane Sandy, Fannie Mac previously launched a 90-day foreclosure sale and eviction suspension that will last through February, 1, 2013.
Foreclosure activity has fallen in recent months. According to real estate research firm CoreLogic, 58,000 foreclosures were completed in October, down 17 percent from the year-ago period.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.