National mortgage backers Freddie Mac and Fannie Mae made an announcement this morning. They are suspending foreclosure evictions and lockouts from Dec. 19 through Jan. 2, 2012. The order involves foreclosed occupied single-family homes and two to four-unit properties; all that had Freddie Mac or Fannie Mae mortgages.
The government-sponsored enterprises also suspended foreclosure evictions last year during the holiday season. But, part of that included the foreclosure moratorium that most major lenders put in place; after the robo-signing scandal left some foreclosures in doubt.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide families a greater measure of certainty during the holidays," said Tracy Mooney, Senior Vice President of Servicing and REO at Freddie Mac.
"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."
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