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Several big lenders, including Wells Fargo Bank, J.P. Morgan Chase Bank, Bank of America and others are suspending their foreclosures and evictions during the holiday season. Although the legal and administrative foreclosure proceeding will continue to move forward, these banks are implementing policies to avoid the scheduling of hearings on foreclosures or the execution of evictions and lockouts during the holidays.
Freddie Mac and Fannie Mae have also announced they will suspend evictions involving residential properties.
Although a small, symbolic gesture to struggling homeowners, the temporary moratorium will benefit many families by preventing their displacement during the holiday season. Banks are expected to continue business as usual after January 2, 2012.
“—Craig I. Kelley, West Palm Beach Bankruptcy Attorney of Kelley & Fulton, P.L., represents individual and business debtors and creditors in Chapter 7, 11, 12, and 13 proceedings. He is A.V. rated by Martindale-Hubbell directory, which is the highest rating as voted on by his peers in the legal profession. He is an Adjunct Professor of Bankruptcy Law at Palm Beach Community College and lectures nationally on the subject. You can get more information about bankruptcy from an experienced bankruptcy attorney in West Palm Beach by contacting Craig I. Kelley at 561-491-1200 or by emailing email@example.com.”