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Fannie Mae and Freddie Mac have both announced holiday eviction moratoriums, meaning that the entities will enact a hold on evictions during the holiday season. For Fannie, the suspension of evictions applies to single-family and 2-4 unit properties from December 18, 2017 through January 2, 2018. At Freddie, the suspension of eviction lock-outs will span the same time period as Fannie and apply to all foreclosed, occupied homes the company owns.
“We’re taking steps to support families and to extend the timeline of help for struggling borrowers during the holidays,” stated Jacob Williamson, Vice President of Single-Family Distressed Assets at Fannie Mae. “We also encourage homeowners who may be struggling with their mortgage to reach out to Fannie Mae or their servicer to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”
“As we have done in past years, we are suspending evictions over the holidays,” Yvette Gilmore, Vice President of Single-Family Servicer Performance Management at Freddie Mac, said. “For borrowers who may be experiencing financial challenges we strongly urge them to contact their mortgage servicer to explore one of the Freddie Mac workout options.”
As Fannie Mae clarifies, during the eviction moratorium, families will be able to remain in their homes, but legal and administrative proceedings can continue as normal. For Freddie Mac, the holiday suspension will not hinder other pre- or post-foreclosure activities and companies handling local evictions for the entity can file documentation as needed. Freddie also confirmed that it has suspended foreclosure sales in eligible disaster areas hurt by Hurricanes Harvey, Irma and Maria.
Homeowners may visit www.knowyouroptions.com to learn about foreclosure prevention resources and whether Fannie owns their loan. For information on Freddie Mac’s mortgage relief resources, please visit, My Home by Freddie Mac.