Home owners who are behind on their mortgage payments who might have otherwise faced foreclosure eviction activities during the holidays will get some extra time in their homes according to mortgage giants, Freddie Mac and Fannie Mae. Freddie Mac will suspend all bank repossessions starting on December 17, and Fannie Mae will suspend its foreclosure repossessions starting December 19. Both Fannie and Freddie will resume foreclosure evictions on January 2. Fannie Mae had previously postponed foreclosure evictions in the aftermath of Hurricane Sandy for those areas affected through February 1, 2013.
Additionally, Bank of America says it will not carry out foreclosure evictions for a stretch during the holiday season. Other lenders, such as JPMorgan Chase, Wells Fargo, and CitiBank have acted similarly in the past, but it's not yet clear whether or not those lenders will delay foreclosure evictions this holiday season.
Louisville continues to sort through its foreclosure issues. For sure, the overall Louisville Real Estate Market is gaining strength, and a lot of that has to do with so many savvy buyers snatching up Louisville foreclosures in hopes of grabbing a bargain. Still, some Louisville Neighborhoods like Indian Falls, remain heavily affected by a high foreclosure rate. Distressed sales have also affected traditional Louisville neighborhood favorites like Anchorage, Lake Forest, Locust Creek, and Plainview.
But there is reprieve for many homeowners this Holiday Season...at least for a little while.
Some of you are wondering: Where can I find foreclosure listings in Louisville KY? What many people don't realize is that in Jefferson County, foreclosures are initially brought to public auction. Those properties that don't sell at foreclosure auction (which is most of them), end up listed with a Louisville Real Estate Agent and put on the open market.