Government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae have suspended evictions on all occupied, foreclosed single-family properties through Jan. 2, 2015. This holiday season suspension also applies to two- to four-unit properties with GSE-owned or -guaranteed mortgages.
During this time, families living in foreclosed properties will be allowed to remain in their homes, although legal and administrative proceedings and documentation for evictions may continue as needed.
Chris Bowden, senior vice president of real estate owned sales at Freddie Mac, says, ‘[This] 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 [many] Freddie Mac workout options.’
Joy Cianci, senior vice president of credit portfolio management for Fannie Mae, comments, ‘As in previous years, we believe it is important to extend the timeline of help for struggling borrowers during the holidays. 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.’
