Wednesday, December 5, 2012

Fannie Mae and Freddie Mac Share Holiday Cheer

Homeowners facing foreclosure will find a brief respite during this year’s holiday season. Both Freddie Mac and Fannie Mae have announced that they will pause on evicting families from their homes so that they can spend a few days not worrying about the future and focus on family.


Freddie Mac will suspend eviction activity on foreclosed single-family and two to four unit properties from December 19, 2012 through January 2, 2013. Fannie Mae will halt eviction activity from December 17, 2012 through January 2, 2012.

Legal proceedings in regards to the foreclosures will still continue, but families will be able to remain physically in their homes for a couple of weeks during the end of the year.

“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said Terry Edwards, executive vice-president of credit portfolio management for Fannie Mae in a statement. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year. We encourage homeowners having difficulty to reach out for help as soon as possible.”

This stay on evictions is separate from the 90-day suspension issued to Hurricane Sandy survivors. They have until February 1, 2013 to find an alternative housing solution.

“We are instructing our foreclosure attorneys to suspend pending eviction lockouts on foreclosed homes in order to provide a greater measure of certainty to families during the holiday season,” said Tracy Mooney, Senior Vice President of Servicing and REO at Freddie Mac in a statement.

Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate. Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
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