As the holiday season grows closer, the GSEs made it just a little less stressful for families close to losing their home, by announcing families would be able to stay in their homes through the holidays.
Mortgage giants Fannie Mae and Freddie Mac announced they will suspend evictions on foreclosed homes during the holiday season, as they have done in several previous years.
The suspension of evictions through Fannie Mae will apply to single-family and 2-4 unit properties from December 18, 2017 through January 2, 2018.
“We’re taking steps to support families and to extend the timeline of help for struggling borrowers during the holidays,” said Jacob Williamson, Fannie Mae vice president of single-family distressed assets. “We also encourage homeowners who may be struggling with their mortgage to reach out to Fannie Mae or their servicer to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”
Freddie Mac’s suspension runs through the same dates, and applies to all foreclosed, occupied homes owned by the GSE. The company also confirmed it has suspended all foreclosure sales in eligible disaster areas impacted by Hurricanes Harvey, Irma and Maria.
“As we have done in past years, we are suspending evictions over the holidays,” said Yvette Gilmore, Freddie Mac vice president of single-family servicer performance management. “For borrowers who may be experiencing financial challenges we strongly urge them to contact their mortgage servicer to explore one of the Freddie Mac workout options.”
Although legal and administrative proceedings for evictions can continue, families will still be allowed to remain in the home.
