Lenders Give Delinquent Duplex Sellers A Gift– Sort Of

In an effort to show a bit of holiday goodwill, Fannie Mae and Freddie Mac announced they will not foreclosue on delinquent duplex and single family home owners during the holidays.

The moratorium will run from December 19 to January 2.

Apparently, this freeze applies only to the eviction of homeowners and tenants at the end of the redemption period, as they did warn that the legal and administrative proceedings for the evictions may continue.

Not wanting to look like Scrooge himself, Bank of America, Chase and Wells Fargo said they would follow suit.

It’s important to note this policy only applies to loans the banks actually own, not those they service for other investors.

For example, if your loan is managed by Wells Fargo, but the folks borrowers actually owe the money. This may be a group of investors or yet another bank, who want to go forward with the eviction.

Bah humbug.