Lenders Get the Christmas Spirit
Its that time of year, warm fuzzy feelings, good cheer, etc. Some lenders are putting a freeze on foreclosures until after the holidays. Citimortage will not foreclosure from 12/13 to 1/17/10, if they own the loan. Fannie Mae is holding off on foreclosures from 12/19 through 1/3/10. I am sure more will announce later today.
Obviously this is a good thing for families that are waiting for the foreclosure and eviction notice. But, most of these lenders know bad press when they see it. It does look bad to have their name in the press evicting a family during the holidays.
Perhaps a better present would be a quick and realistic loan mod?