The current robo-signing debacle has many foreclosure processes frozen in an effort to allow some of the big banks to get their business in order which has given some homeowners relief during the holidays. But what about the other homeowners going through the foreclosure process? Will they be thrown out into the streets during the holidays?
Santa Claus has come in the form of relief for struggling homeowners in that many banks in recent years (like Bank of America) have made it their policy to not evict during holidays.
Santa is also coming to the boys and girls in the form of Fannie Mae and Freddie Mac putting a hold on all foreclosure evictions on loans they back from December 20 through January 3.
It seems like good cheer but we suspect that between the robo signing scandal at the big banks and an already full capacity of staff to process foreclosures, this move is less goodwill and more a practical move, but regardless, homeowners will not be kicked to the curb while Santa is in the chimney.