Fannie, Freddie to hold off on evictions during the holidays

The moratoriums last until Jan. 2

Fannie, Freddie to hold off on evictions during the holidays
Fannie Mae and Freddie Mac have separately announced that they are suspending evictions during the holiday season between Dec. 18 and Jan. 2.

Fannie Mae said the suspension will apply to single-family and two- to four-unit properties. Families will be allowed to remain in their homes during the period. However, legal and administrative proceedings for evictions may continue.

Meanwhile, Freddie Mac said the moratorium applies to all foreclosed, occupied homes. The holiday suspension will apply to eviction lockouts on Freddie Mac real estate-owned homes but will not affect other pre- or post-foreclosure activities. Freddie Mac also confirmed that it has suspended all foreclosure sales in eligible disaster areas impacted by hurricanes Harvey, Irma, and Maria.

"We're taking steps to support families and to extend the timeline of help for struggling borrowers during the holidays," said 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. 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," said Yvette Gilmore, Freddie Mac's vice president of single-family servicer performance management.

Related stories:
Hurricanes continue to impact October delinquencies
September hurricanes drive increase in Q3 delinquencies