Struggling home owners facing eviction will be given a break by Fannie and Freddie during the holidays this year. A moratorium on their home’s eviction proceedings will begin on December 19th and end shortly after the New Year on January 2nd.
The two banks along with Bank of America, Wells Fargo, and Chase will allow families who have received foreclosure notices to remain in their homes until the moratorium ends. They stand by the notion that no family should have to leave their home during the holiday season.
This moratorium will definitely affect the 89,000 foreclosure auctions that take place per month this year. As eviction is the following step after the foreclosure process, there will be likely be a scant amount of properties for sale in the auction during this time.
What are your thoughts and how this will affect San Diego real estate and San Diego real estate companies that acquire properties via trustee sale auctions?
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