Mortgage Foreclosure Suspension For The Holidays May Delay Eviction For Some Homeowners In December 2010

Some homeowners may be able to take advantage of a freeze on foreclosures offered by mortgage servicers through the holiday season. Among many of the nation’s top financial institutions who are planning to freeze foreclosures in December, and some through the very early parts of January, Fannie Mae and Freddie Mac are also reported to be freezing evictions on homes from the latter part of December to January.

There are some financial institutions which, thanks to foreclosure moratoriums, have not begun to evict borrowers again and, obviously, will put some homeowners in a position to where they will be able to remain in their home over the holidays.

Obviously, these suspensions are simply what many may see as an act of kindness on the part of mortgage servicers so that families can at least remain in their home for the holiday season. Yet, this freeze on foreclosures is not offering any long-term solutions to homeowners who face eviction. Understandably, there are some homeowners who are grateful for the fact that they are allowed to remain in their home for an additional amount of time, but there are more individuals who are facing the loss of their home who would obviously prefer more long-term solutions to their mortgage problems.

While there have been modification programs in place, as well as, unemployment mortgage assistance, underwater home loan aid, and various other programs which were meant to address homeowner needs, there are still numerous individuals who are facing foreclosure as a result of their financial situation. Understandably, problems like foreclosure are often due to factors like unemployment, which may not have any long-term solutions for homeowners who simply cannot pay their mortgage.

Yet, there are homeowners who are still calling for financial institutions to find sustainable solutions to affordability problems homeowners are facing at the present time, so that more people can remain in their home until the economy and job market improve. However, at the present time homeowners who face eviction may simply be able to stay in their home for a few additional days thanks to these freezes on evictions.