Fannie and Freddie Won’t Evict Over Holidays

I think I might want to get with my local news and let them know that it might be a good idea to shoot this info out there in the media. Seems like many homeowners facing foreclosure who know very little about the foreclosure process would be VERY relieved by the news that Fannie Mae and Freddie Mac would not be evicting on “foreclosed single family homes and 2-4 unit properties” for the last 2 weeks of the year.

Do you think it would have a positive effect in your area? Do you think they have been notified that this is the case by their lender, etc. if they fall under this? Make sure to comment below and let everyone know what you think.

WASHINGTON – Dec. 2, 2011 – Fannie Mae and Freddie Mac announced yesterday that they would suspend evictions of foreclosed single family and 2-4 unit properties from Dec. 19, 2011, through Jan. 2, 2012. While lenders will continue completing legal and administrative paperwork, no families will be thrown onto the street over the holidays.

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Fannie Mae’s executive vice president of credit portfolio management. “No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
While Fannie Mae and Freddie Mac back roughly half the mortgages in the U.S., some lenders also promised to place a moratorium on evictions over the holidays. Bank of America and Wells Fargo, for example, told CNNMoney that they had no plans to evict troubled homeowners before 2012.

Beyond altruism, the mortgage industry hopes to avoid bad publicity at a time of year when news stories focus on charity and kindness.

The eviction moratoriums apply only to owner-occupied homes.

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About Carlos Valentin

Entrepreneur, Real Estate Broker, Family Man
This entry was posted in Real Estate, Real Estate News and tagged , , , , . Bookmark the permalink.

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