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Fannie Mae and Freddie Mac are continuing their annual Christmas-season tradition by announcing a nationwide suspension of eviction lock-outs between Dec. 18 and Jan. 3.
Fannie Mae’s suspension of evictions will apply to single-family and two-to-four unit properties. Although legal and administrative proceedings for evictions may continue, Fannie Mae will allow residents to remain in the distressed property. Freddie Mac’s holiday policy impacts Freddie Mac-owned REO homes, but will not affect other pre- or post-foreclosure activities. Companies managing local evictions for Freddie Mac may continue to file documentation during the suspension period.
“Today's announcement is intended to provide a greater measure of certainty to families during the upcoming holiday season,” said Chris Bowden, senior vice president of REO at Freddie Mac. “We also strongly urge homeowners who are facing financial challenges and possible foreclosures to explore Freddie Mac's workout options with their mortgage servicers. They do help and have prevented more than 1.1 million foreclosures since 2009."
“As we have done in past years, we are suspending evictions during the holidays,” said Joy Cianci, senior vice president of credit portfolio management for Fannie Mae. “We also continue to remind homeowners who may be struggling with their mortgages to reach out for help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”