Fannie Mae, Freddie Mac and a few large mortgage lenders have declared to postpone foreclosures on delinquent borrowers during the Christmas season. For homeowners with loans through Fannie Mae and Freddie Mac, the moratorium will run from Dec. 19 to Jan. 2, 2012. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement. Among some of the major banks that offer mortgage loans, Chase Mortgage said it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo will also suspend evictions during that period, but will not shut down its eviction process entirely. Start of the New Year, it will be business as usual.
Source: CNNMoney
