Another Prediction Come True: Holiday Foreclosure Freeze

Dec. 7, 2010 - PRLog -- With all the noise surrounding the “robo-signing scandal” and subsequent foreclosure freeze, it may have taken some by surprise that the banks would issue another “freeze” on their foreclosure processes. But as predicted, the major banks — as well as Fannie Mae and Freddie Mac — will postpone their foreclosure procedures from Dec 20-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.

A spokesman for Bank of America, 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.

A spokesman for Chase Mortgage, a division of J.P. Morgan Chase, said its robo-signing-connected moratorium makes an additional holiday freeze moot; it will still be several weeks before it starts to evict borrowers again.

Wells Fargo's holiday freeze will run the same two week period as Fannie's and Freddie's and will, like Bank of America's, includes all loans it holds in its portfolio. For the other loans it services, it will follow guidelines from investors and from the states where the properties are located.

With the number of bank repossessions amounting to around 100,000 a month recently, the temporary reprieve could affect tens of thousands of borrowers in default.

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