I guess we should call it a little bit of the holiday spirit. Homeowners in foreclosure with Fannie Mae will have an eviction reprieve from December 19th, 2011 and January 2012. Their press release dated 12.02.2011 indicated that they made the decision to put foreclosures on hold during those weeks. An official from the organization made a statement that included, “No family should have to give up their home during this holiday season.” He continued, “Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible.” You can find the original press release here.

I have to admit, while I am an advocate for letting all foreclosures clear the system, I think this is a good move by the company. Foreclosures are unbelievably difficult on a family, and to kick people out of their homes during the holidays is bad form. This move also gives families another couple of weeks to find alternative housing. If you are facing a Utah foreclosure, you really should check out Fannie Mae’s site, KnowYourOptions.com to find out what you can do to save your home. While refinancing your home is a difficult process if you do not qualify financially, it is possible.

Before you go delinquent on your loan, make sure you talk with someone who has the knowledge to advise you through the process. There is a seemingly endless list of rules when it comes to modifying a loan that you cannot afford, but it is possible. Before you stop making payments, talk to an experienced loan officer. Get the right advice on your mortgage and how to proceed.