Fannie Mae and Freddie Mac announced that they are suspending foreclosures for nearly 16,000 households during the holiday season. Homeowners who have mortgages with Fannie Mae or Freddie Mac and are facing foreclosure can expect a short reprieve between make November 26 and January 9, while the two mortgage companies evaluate whether borrowers facing foreclosure qualify for their new loan modification program. This temporary suspension of foreclosure proceedings only applies to borrowers who are currently occupying their homes, vacant homes will not be spared.
Well, this just goes to show us that some companies actually do have a soul. Stressed homeowners facing foreclosure will at least not have to worry about being foreclosed on during the holidays. That extra month and a half can also give those facing foreclosure the opportunity to consider bankruptcy as an option to permanently stop the foreclosure process and remain in their home.