Fannie Mae and Freddie Mac Halt Foreclosure Evictions During the Holidays
The last thing a family needs during the holidays is to be told that they need to leave their homes. It's a time where families need to be together and at the very least find some joy in the season. Fannie Mae and Freddie Mac seem to have picked up on that notion and are suspending evictions of foreclosed family homes during the holidays.
"The suspension of evictions will apply to single-family and two-to-four unit properties between Dec. 18 and Jan. 2 for both GSEs," according to National Mortgage News.
"Though legal and administrative proceedings may continue during this time period, families will be allowed to stay in the home."
The report also stated that both compared are seeing a decline in properties acquired through foreclosure. They are taking the necessary steps to make a difficult situation somewhat better for families.
"We're taking steps to support families and to extend the timeline of help for struggling borrowers during the holidays," said Jacob Williamson, vice president of single-family distressed assets at Fannie Mae, in a press release, according to the report.
"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."
To learn more about the holiday foreclosure grace period, click on the image above.