Freddie Mac, Fannie Mae and CitiMortgage give borrowers a break over the holidays…
Within the past day Freddie Mac and Fannie Mae have both announced that they are suspending evictions from December 19, 2009 through January 3, 2010 on foreclosed homes, two families and four families, that they hold.
CitiMortgage and CitiFinancial announced yesterday a national foreclosure suspension program for Citi-owned mortgages to allow distressed homeowners to remain in their homes through the holiday season. During the 30 day suspension, effective December 18, 2009 through January 17, 2010, borrowers with first mortgage loans owned by CitiMortgage and CitiFinancial North America and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications. It is important to note however that Citi does not own all of the loans it services and I believe this only applies to loans they own.
I’m glad to see these programs and would hope other lenders would act similarly…it’s bad enough we have so many homeowners in the U.S. losing their homes, the least it seems could be done is to take a break for a couple of weeks and let them enjoy their holiday’s in peace.