The holidays are here, shoppers are out and about getting ready for the season of giving and the GSEs are no exception.
Mortgage giants Fannie Mae and Freddie Mac announced, that they will suspend foreclosures for the holidays, as they have done in several previous years.
Fannie Mae announced it will suspend evictions of foreclosed single-family properties from Dec. 19, 2016 to Jan. 2, 2017. Similarly, Freddie Mac announced its suspension of evictions from Dec. 19, 2016 to Jan. 3, 2017.
Both companies stated that other foreclosure activities will still per allowed to continue during that time.
“Our announcement today is to help provide families with a greater measure of certainty during the upcoming holiday season,” said Chris Bowden, Freddie Mac senior vice president of REO.
“We also want to be sure families experiencing financial hardship are aware of the options available to them,” Bowden said. “Those who are facing possible foreclosure should reach out to their mortgage servicers and explore the alternatives that are in place to help homeowners year-round.”
Fannie Mae made similar statements in regards to its suspension.
“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Joy Cianci, Fannie Mae senior vice president of single-family special and distressed assets.
“If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help,” Cianci said. “Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”