Major Lenders Suspend Foreclosure Actions During Holidays

save your home

Last week Fannie Mae, Freddie Mac, and Citigroup reported that they were all suspending foreclosure actions during the holidays.

And as expected, other major lenders have followed suit, including Bank of America, JPMorgan Chase, and Wells Fargo.

Bank of America is halting all foreclosure sales and evictions from December 21, 2009 to January 3, 2010. The company explained that the suspension will apply to mortgages in Bank of America’s held for investment portfolio, as well as for investors that concede to allow BofA to proceed with the moratorium. The institution said it will also comply with other moratoriums from investors who have requested foreclosure holds for a different period of time.

JPMorgan Chase is also placing a freeze on foreclosures through January 3, 2010. When contacted by DSNews.com, though, a company representative said the bank was “not publicizing” the holiday season suspension.

Wells Fargo confirmed that it too will not evict customers or move forward with any foreclosure sales for customers who occupy their homes on loans owned by the bank, effective December 19, 2009 through January 3, 2010. The company said it also will follow investor guidelines regarding foreclosure suspensions for the rest of the mortgages it services.

“Foreclosure is always the last resort we use only after exhausting all other available options.” a Wells Fargo spokesperson added. “This includes regularly instituting individual moratoriums throughout the year where we think another option is reachable.”

Source:  DSNews.com


Share the wealth: Bookmark and Share

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: