As they have done in previous years, Fannie Mae and Freddie Mac announced Friday a two-week moratorium on evictions over the Christmas and New Year's holiday. The mortgage giants will suspend evictions of foreclosed single family and 2-4 unit properties from December 18, 2013 through and including January 3, 2014, according to Terry Edwards of Fannie Mae.
Although legal and administrative proceedings on foreclosure actions may continue through the courts, families living in foreclosed properties will be allowed to remain in the home until after the holidays.
“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,” Terry Edwards, Chief Operating Officer for Fannie Mae stated in a prepared release. “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.”
The eviction and foreclosure lockout suspensions have become a yearly tradition for the two government-sponsored entities since the real estate bust left hundreds of thousands of homeowners facing the loss of a home during the Christmas holidays.
This year, Fannie Mae made it easier for a delinquent borrower to stay in their home when they introduced the Streamlined Modification which is available once someone experiences a hardship that causes them to be 90 days late with their mortgage payment.
To find out if Fannie Mae owns your loan, visit www.knowyouroptions.com/loanlookup.
“While I applaud the delay in evictions, the two-week suspension does little to address continuing problems in the foreclosure process itself,” stated Carlos Reyes, a nationally known foreclosure defense attorney from Fort Lauderdale. “All a moratorium does is delay the inevitable.”
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