In an effort to provide some small sense of stability during the holidays, mortgage lenders are temporarily suspending all foreclosure evictions of loans that originated through Fannie Mae and Freddie Max until 2012.  Beginning December 19, 2011 and continuing until January 2, 2012, Fannie Mae and Freddie Mac will not evict any family who’s property is in foreclosure.  This involves all occupied single-family homes as well as occupied two to four unit multi-family housing.  While that doesn’t mean that Maplewood homeowners facing foreclosures won’t be evicted at all, it does mean that they do have a roof over their head during the hectic holiday season.  Hopefully, this will give some sort of feeling of relief, no matter how small.

Legal proceedings will continue throughout this time as well as all administrative activities.  Fannie Mae and Freddie Mac representatives have both said that they don’t want any families without a home during the holidays.  That is why they have decided to suspend any evictions until afterwards.  Other mortgage lenders have adopted similar moratoriums.  Wells Fargo will suspend their evictions from December 19, 2011 to January 2, 2012.  Bank of America and JPMorgan Chase also announced that they would suspend foreclosure evictions during Christmas and it appears that Ally Financial will be following suit.

If you are a Maplewood homeowner struggling to make your mortgage payments and foreclosure is looming steadily closer, you may want to take this time to find out about possible foreclosure alternatives.  There are several government programs in place that may be able to help you stay in your home rather than lose it.  But you must act now, before it is too late.  Suspending foreclosure evictions until 2012 is a lovely gesture on the mortgage companies’ end, but not losing your Maplewood home is an even better option if you can do it.  Contact me now to see what options may be available for you today.

Francine Lichtman, Real Estate Beyond Four Walls, New Jersey Homes