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Bankruptcy May Be Your Option

Lenders stop foreclosure evictions for Christmas

Santa is coming early this year for beleaguered homeowners in Tulsa have who defaulted on their mortgages held by Fannie Mae and Freddie Mac. Families experiencing financial challenges who risked being thrown out of their homes will be allowed to stay put until after the holidays.

The holiday reprieve from the federally-backed mortgage lenders has become an annual tradition of sorts. This is, however, only a temporary reprieve and it does not signal a halt to other stages of foreclosure proceedings, such as filing new foreclosures or conducting auctions of foreclosed properties. The lenders will be conducting business as usual during the holidays as far as taking action against people who, perhaps due to unexpected life changes such as unemployment or mounting medical expenses, failed to stay current on their mortgage payments.

Across the country, banks and other mortgage lenders have been seizing about 30,000 homes each month and evicting residents in Oklahoma and other states. JPMorgan Chase also announced a suspension of foreclosure evictions during the holiday season, but other lenders that held off on evictions in past years have been silent about their plans for 2014.

Consumers struggling with unpaid bills, out-of-control credit card debt or rising medical expenses caused by an injury or serious illness may also be at risk of losing their homes. Filing for bankruptcy may offer individuals with financial changes the means to stop foreclosure, provide debt relief or stop repossession of assets.

This year's temporary reprieve for Christmas for people on the brink of being evicted from their homes could be the opportunity for them to eliminate debt through a Chapter 7 bankruptcy or to work out manageable payments through a Chapter 13 bankruptcy.

Source: KOCO, "Foreclosure evictions halted for the holidays," Les Christie, Dec. 9, 2014

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