Banks still foreclosing during the holidays

As the holidays are approaching, some mortgage lenders have decided to give homeowners a little bit of a break. What exactly are they doing? Some lenders have decided not to evict homeowners who are currently defaulting on their loan during the holiday season. This time period will be during the two weeks surrounding Christmas. This is their way of spreading a little bit of a cheer during an otherwise dreary time.

Banks still foreclosing during the holidays

Mortgage giants Freddie Mac and Fannie Mae have decided to put a freeze on foreclosure evictions from December 20, 2010 to January 3, 2011. Eviction occurs after a home has been foreclosed. Evicting homeowners, or making them leave the property, is the last step in the home foreclosure process.

The foreclosure eviction process will be frozen during this time period in order to help families. This will allow families to stay in their home throughout the season, and will help provide them with a sense of security during the holiday. After this time period, eviction will still occur. At this point, the family will have to leave the home for good.

It is not a requirement

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for all lenders to participate in this freeze. Many will still follow their usual policies during the holiday season, and will continue to follow through with foreclosures,

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and evict homeowners. For the lenders who do participate, thousands of homeowners will avoid foreclosure for at least a couple of weeks, thanks to the freeze.

This freeze also comes at another important time. Many lenders are still being questioned for their practices because of the many recent wrongful home foreclosures. This includes their use of automated systems, better known as robo-signing. Lenders will take this time to analyze their practices and see what can be changed for the future. This may allow some lenders to continue the foreclosure freeze past the holiday season. This is a way for lenders to fix their paperwork process, in hopes to continue only foreclosing on home that they rightfully should.

If you are close to losing your home and want to stay in your home or are having trouble paying your monthly mortgage payments, now is the time to get help and learn what you can do. It is important to be educated on home foreclosure matters before you face eviction, because at that point

it can be too late. With the right knowledge, you can stop home foreclosure and learn ways to keep your home for many more holiday seasons to come.

There are many resources for this type of education. For example, the Foreclosure Defense Program offers many different resources and guides on home foreclosure. Homeowners can learn about the home foreclosure process and learn ways to avoid loosing their home. For more information, visit www.foreclosuredefense.com. You can take the right steps to avoid home foreclosure.

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