Foreclosure freeze coming for the holidays

By Les Christie, staff writerDecember 3, 2010: 3:34 PM ET

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 () and Fannie Mae (), 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.

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 they already have in place because of the .

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 (, ), 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.

It will continue the foreclosure process for loans it services that are held by investors who decline to participate in the freeze and for properties that are known to be vacant.

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, include 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. 

#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;} Right Now

Fortune's Sue Callaway says the Leaf is a smooth ride, but a lack of compatible public charging stations may give drivers range anxiety. Netflix, Google and Facebook have let private data loose -- and the results can be devastating. Total sales in November rise 0.8% , topping economists' estimates. NRF lifts its holiday sales forcast to 3.3%. 

•  

Overnight Avg Rate	Latest	Change	Last Week
30 yr fixed	4.97%		4.67%
15 yr fixed	4.26%		4.04%
5/1 ARM	3.59%		3.40%
30 yr refi	4.85%		4.55%
15 yr refi	4.12%		3.88%

Find the best auto, life, home, health rates
Enter Zip code:
Select a product: AutoHomeLifeLong-Term CareHealth
Insurance news and resources from BankRate

Rate data provided
by Bankrate.com View rates in your area
 Find personalized rates:Card typeCredit typeCard issuer

Today's featured rates:

*Rates subject to change

• Find Homes for sale
• • City, state, or zip
  • Price rangeMin$10,000$20,000$30,000$50,000$100,000$130,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1M$1.1M$1.2M$1.25M$1.4M$1.5M$1.6M$1.7M$1.75M$1.8M$1.9M$2M$2.25M$2.5M$2.75M$3M$3.5M$4M$5M$10M$20Mto$10,000$20,000$30,000$50,000$100,000$130,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1M$1.1M$1.2M$1.25M$1.4M$1.5M$1.6M$1.7M$1.75M$1.8M$1.9M$2M$2.25M$2.5M$2.75M$3M$3.5M$4M$5M$10M$20MMax


• Property TypeAny typeSingle-Family HomeCondoTownhomeCoopApartmentLoftTICApt/Condo/TwnhmMobile/ManufacturedFarm/RanchLot/LandMulti-Family HomeIncome/InvestmentHouseboatUnspecified
• Find a home in: | | |
• | | |

Studies show some investors are wary of investing in the stock market and are avoiding it, like people did during the Great Depression. Fortune's Sue Callaway says the Leaf is a smooth ride, but a lack of compatible public charging stations may give drivers range anxiety. CEO Howard Schultz talks about the inspiration behind the coffee company and what it will be like in 10 years. 

Markets	Last	Change	% Change
	11,476.20	47.64	0.42%
	2,626.75	1.84	0.07%
	1,241.34	0.88	0.07%
	3.45	0.17	5.24%
	1.34	-0.00	-0.09%

Data as of 3:59pm ET

Company	Price	Change	% Change
	4.68	-0.12	-2.60%
	6.27	-0.39	-5.82%
	12.37	-0.17	-1.36%
	17.64	0.02	0.11%
	35.39	-6.31	-15.13%

Data as of 3:44pm ETSponsored by var randomnumberA=Math.floor(Math.random()*2); // fortune content if (location.pathname.match('fortune')) document.write(''); else // moneymag homepage if (location.pathname.match('moneymag')) document.write(''); else // cnnmoney content if (randomnumberA==0) document.write(''); else if (randomnumberA==1) document.write('');
Sections

Apple's stock keeps climbing and several money managers say shares, despite a more than 50% rise in 2010, are still a bargain heading into 2011.

The central bank reports that the economy is still on a growth path, but leaves controversial quantitative easing policy in place.

Netflix, Google and Facebook have let private data loose -- and the results can be devastating.

'Pay czar' Kenneth Feinberg announces that claimants damaged by the BP oil spill in the Gulf Coast can get paid quickly, so long as they forfeit litigation.

Solar, wind, and other green stocks got hammered in the downturn. Now might be a great time to buy.

Please create a screen name to access this feature.

Screen name (Select one with 3-12 characters; Numbers and letters only)

Forgot password

Enter your e-mail address below and we will send you an e-mail with a link and code to reset your password.

E-mail

Password selection

E-mail

Reset code

New password

Log in & let's get started!

E-mail

Password

Remember me for two weeks

Not a member yet?

Sign up or

Screen name

Select one with 3-12 characters;
Numbers and letters only

E-mail

Make sure you typed it correctly.
You will receive an e-mail to validate your account

Password

Make it 6-10 characters, no spaces

Type what you see in the grey box

If you can't read this,
Yes, I would like to receive occasional CNNMoney member updates about new features and special offers.

CNNMoney will use the information you submit in a manner consistent with our . By clicking on "sign up" you agree with and and consent to the collection, storage and use of this information in the U.S. subject to U.S. laws and regulations. ()

For our international users, please be aware that the information you submit when registering for our services is collected in the United States of America. In addition to being subject to our Privacy Policy, the collection, storage, and use of your data will be subject to U.S. laws and regulations, which may be different from the laws and regulations of your home country. By registering for this service, you are consenting to this collection, storage, and use.

We're Sorry!

This service is temporarily unavailable. Please try again soon.

Thanks!

Please check your e-mail and click the link to confirm your membership. Then, you'll be ready to participate in all activities and conversations on our site.

  Add comment

Name:
E-Mail:
Comment:
Enter code: