Fannie Mae and Freddie Mac announced Monday that they will not be evicting any families during this holiday season.
As struggling families fight through the stress of the holidays, the GSEs determined that losing their home will not be a challenge they will have to face during this season.
Fannie Mae announced its suspension of eviction lockouts will apply to single-family and 2-4 unit properties from December 17, 2018 to January 2, 2019.
“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Jacob Williamson, Fannie Mae vice president of single-family real estate. “We encourage homeowners who may be struggling with their mortgage or facing possible foreclosure to reach out to Fannie Mae or your servicer to get help. 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 Freddie Mac.
“As we have done in past years, we are suspending evictions from Freddie Mac-owned homes to help provide families with a greater measure of certainty during the upcoming holiday season,” said Yvette Gilmore, Freddie Mac vice president of single-family servicer performance management.
This is not the first time the GSEs have suspended evictions for the holidays. In fact, Fannie and Freddie have suspended evictions in several previous years.
But while the GSEs are suspending evictions during the holiday season, the suspension will not affect other pre- or post-foreclosure activities. Companies managing local evictions for the GSEs can continue to file documentation and legal and administrative proceedings will continue during the suspension period.