Fannie Mae Announces Eviction Moratorium for the Holidays

Fannie Mae (FNMA/OTC) announced today that it will issue an eviction moratorium for the holidays, as it has done in previous years. The company will suspend evictions of foreclosed single family and 2-4 unit properties from December 18, 2013 through and including January 3, 2014.  For this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home.

“The holiday season is meant for quality time with family and we want to relieve anyone of the anxiety of leaving their home during this season,” said Terry Edwards, Chief Operating Officer for Fannie Mae. “We encourage any homeowner who is having difficulty making their mortgage payment to reach out for help right away. Fannie Mae will continue to help borrowers avoid foreclosure whenever possible.”

This year, Fannie Mae made it easier for a delinquent borrower to stay in their home when we introduced the Streamlined Modification which is available once someone experiences a hardship that causes them to be 90 days late with their mortgage payment.

Homeowners with Fannie Mae-owned loans can visit www.knowyouroptions.com or call Fannie Mae’s Mortgage Help Center at 866-442-8575 for information and resources on foreclosure prevention options.  To find out if Fannie Mae owns your loan, visitwww.knowyouroptions.com/loanlookup.

Freddie Mac Announces Holiday Eviction Moratorium

MCLEAN, VA–(Marketwired – Dec 12, 2013) – Freddie Mac (OTCQB: FMCC) today announced a nationwide suspension of eviction lock-outs between December 18, 2013 and January 3, 2014. The moratorium applies to all foreclosed occupied single family homes and 2-4 unit properties that had Freddie Mac owned-or guaranteed mortgages.

News Quote:

Attribute to Chris Bowden, Senior Vice President of REO at Freddie Mac.

“At this time of year we want to bring some relief to families who confronted financial difficulties and went through foreclosure. We also want to remind homeowners going into the New Year facing financial challenges to reach out for help as soon as they can by calling their mortgage servicer.”

News Facts:

  • The two-week holiday suspension will apply to eviction lockouts on Freddie Mac-owned REO homes but will not affect other pre- or post-foreclosure activities.
  • Although no evictions will take place, firms handling local evictions for Freddie Mac may continue to file documentation in preparation for evictions scheduled after the suspension ends in January 2014.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing.www.FreddieMac.com.

 

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