Mortgage

Fannie Mae and Freddie Mac suspend foreclosure evictions during holidays

GSEs help struggling homeowners

Fannie Mae and Freddie Mac will suspend evictions of foreclosed single-family properties during the holidays from Dec. 17, 2014 though Jan. 2, 2015.

Families living in foreclosed properties will be allowed to remain in the home, although legal and administrative proceedings for evictions may continue.

“As in previous years, we believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Joy Cianci, senior vice president of credit portfolio management for Fannie Mae. “If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help. There are more options than ever before to avoid foreclosure. We want to help struggling borrowers whenever possible.”

Freddie noted that the moratorium applies to all foreclosed occupied single-family homes and 2-4 unit properties that have Freddie Mac owned-or guaranteed mortgages.

"Today's announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move. We strongly urge homeowners with financial challenges to start the New Year by calling their mortgage servicer to explore one of the Freddie Mac workout options that have prevented over one million foreclosures since 2009," said Chris Bowden, senior vice president of REO at Freddie Mac.

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