December 6, 2011 (Jeff Alan)
Government Sponsored Enterprises (GSEs) Freddie Mac and Fannie Mae announced that they will be suspending foreclosure evictions from December 19, 2011, through January 2, 2011, for all occupied single family and 2-4 unit properties in their portfolios.
This will mark the fourth consecutive year that the GSE’s have suspended foreclosures during the holidays, which started back in 2008.
“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays,” said Tracy Mooney, Senior Vice President of Servicing and REO at Freddie Mac.
The two GSE’s will continue legal and administrative proceedings for evictions, but families living in foreclosed properties will permitted to stay in their homes during the suspension.
“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. “No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
In 2008, the eviction suspension ran from November 26 to January 9 giving families relief from the Thanksgiving holiday through Christmas and New Year’s, but since that time, the suspension has been shortened to the two week period surrounding the Christmas and New Year’s holidays.
Tags: freddie mac, fannie mae, foreclosure evictions, holidays, suspensions, single family properties, mortgages