Fannie and Freddie Halt Holiday Evictions

Both Freddie Mac and Fannie Maernannounced today that they are suspending evictions of foreclosed single familyrnand 2-4 unit properties during the upcoming holiday season.  The holiday suspensions are in addition to localizedrnsuspensions of both foreclosure sales and evictions announced earlier inrnresponse to Hurricane Sandy.</p

Fannie Mae said legal and administrativernproceedings for evictions may continue under the directive, but families livingrnin foreclosed properties will be allowed to remain in the home during thernsuspension period.  Freddie Mac explainedrnthat  therntwo-week holiday suspension will only apply to eviction lockouts on FreddiernMac-owned REO homes and will not affect other pre- or post-foreclosurernprocesses and law firms handling local evictions will continue to filerndocuments in preparation for evictions scheduled after January 2, 2013. </p

The dates of the suspensions differrnslightly between the GSEs with Fannie Mae suspending from December 19 tornJanuary 2 and Freddie Mac from December 17 to the same end date.  The Hurricane Sandy suspensions in areasrndesignated for assistance by FEMA will continue until February 1 for Fannie Maernmortgages and through February for Freddie Mac’s.</p

“We’re taking this step in support of families who have faced financialrnchallenges and gone through a foreclosure,” said Terry Edwards, ExecutivernVice President of Credit Portfolio Management, Fannie Mae. “The holidaysrnare a chance to be with loved ones and we want to relieve some stress at thisrntime of year.  We encourage homeowners having difficulty to reach out forrnhelp as soon as possible.”

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.