Purchase Arizona Real Estate with Oggy Karchev of Realty ONE Group

For the second time in many years, several of the largest mortgage players in the Arizona mortgage market have indicated that they will not evict borrowers in default who are facing a foreclosure during the two weeks surrounding Christmas and New Years Eve.

Fannie Mae and Freddie Mac, the two government-controlled mortgage giants that back many home loans in the valley and throughout the Nation, are freezing all Phoenix foreclosures evictions on mortgage loans they own or back from Dec. 20 through Jan.3 of the New Year.

Here is how the Foreclosure and Eviction of owners/tenants works in Arizona:

An eviction is the last step in the Phoenix Foreclosures process. After the home is sold at foreclosure auction or Arizona Trustee Sale -- or banks take possession of the home -- owners must leave the property or experience an embarrassing eviction process.

"If the property is occupied, our Arizona foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holiday season," said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.

In addition, Bank of America, Wells Fargo and Chase Bank have also indicated that they will follow suit as well with a Arizona foreclosure freeze during the same two week period as Fannie and Freddie.

The Foreclosure Freeze in Phoenix and surrounding cities such as Laveen, Avondale, Tolleson, Scottsdale and Tempe to name a few will not apply if:

Investors who decline to participate in the Foreclosure Freeze.

Properties that are known and confirmed to be vacated by the owners

Even though this is only a two week phoenix foreclosures freeze, with the number of bank repos (almost 100,000 per month), the temporary stoppage could affect tens of thousands of borrowers in default over the holiday season.

For Phoenix Trustee Sale services offered by Phoenix Investment Property partners, please contact us direct.