Fannie Mae announced in a news release its suspension of evictions will apply to single family homes and two-to-four unit properties from Dec. 19 through Jan. 2. Freddie Mac’s moratorium on evictions from its foreclosure homes will run from Dec. 19-Jan. 3.
During the moratorium period, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in their homes, according to a Fannie Mae release.
“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Jay Cianni, senior vice president of single-family special and distressed assets at Fannie Mae, said in the release. “Options are available to avoid foreclosure, and we want to help pursue those options wherever possible.”
According to a Freddie Mac release news release, its moratorium will apply to eviction lockouts of all foreclosed, occupied homes owned by Freddie Mac, but it will not affect pre- or post-foreclosure activities. Companies managing local evictions for Freddie Mac may continue to file documentation as needed during the suspension period, the release stated.
“Our announcement is to help provide families with a greater measure of certainty during the upcoming holiday season,” Chris Bowden, senior vice president of REO at Freddie Mac, said in the release. “We also want to make sure families experiencing financial hardship are aware of the options available to them. Those who are facing possible foreclosure should reach out to their mortgage servicers and explore the alternatives that are in place to help homeowners year-round.”