Are you worried that you are going to lose your home to a foreclosure this holiday season? Well, there is some good news, as Fannie Mae and Freddie Mac have announced that they will temporarily halt foreclosure evictions until January 2, 2015.
“[The] announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move,” said Chris Bowden, senior vice president of REO at Freddie Mac, according to CNN.
Even though evictions will be delayed, the agencies said that all legal and administrative processes would continue through the holidays. The agencies also said that notices for default and auction sales would also proceed as scheduled.
CNN reported that if a foreclosure sale were completed during the halt, homeowners would not have to leave their homes until January 2. JPMorgan Chase also said it would observe a moratorium on evictions throughout the holiday season, according to CNN.
Should I Talk to a Bankruptcy Attorney About a Foreclosure?
Did you know that you could save your home from foreclosure by filing for bankruptcy? A filing triggers an automatic stay, which prevents creditors from making collection actions such as repossession, garnishment and foreclosure. In most cases, the stay remains in effect for the duration of a bankruptcy case, allowing a homeowner to continue to live in a dwelling.
As long as you file for bankruptcy before a foreclosure auction takes place, an auction cannot proceed without a lender obtaining court permission. Keep in mind, during a Chapter 13 bankruptcy, a person can enter into a three to five year repayment plan, through which he or she can catch-up on missed mortgage payments.
If you live in the Washington DC or Maryland-area and you are thinking about filing for bankruptcy to save your home, I am here to help you. Put an end to your financial stress—do not worry about losing your home. I can assist you in overcoming the financial mistakes that have left you in debt and facing eviction.
To determine if filing for bankruptcy is your best option for dealing with a pending foreclosure, contact my office.
Law Firm of Kevin D. Judd – Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: In 2014, home repossessions are down about 20 percent compared to 2013, according to RealtyTrac data.