Florida is third in the nation in foreclosure filings. More than 160,000 foreclosure notices were sent out in the state just last month, including an estimated 1,000 in Duval County. The 45-day grace period will not do much to help those homeowners, but banking industry leaders say lenders are ready to help struggling mortgagees.

"If you show a need, and of course there is no fraud, and you're willing to enter into a repayment plan, you'll find our bankers are willing to work with our customers during this time of need," Florida Bankers Association President Alex Sanchez said.

Sanchez says the Governor's announcement is really just an affirmation of an existing policy.

"We want you to stay in your home," he said. "Not just now during the holidays, but year round. That is the practice of our industry."

The foreclosure freeze applies only for new filings on single-family homesteaded property, Crist said. "This is to help people who really need help. This is not for somebody who went and bought a bunch of condos in South Florida on the spec."

Governor Crist also left open the option of extending the foreclosure moratorium after 45 days, that likely would not be a voluntary move from bankers and could take an executive order.