No one will be evicted from their home during the holiday season, say most mortgage lenders, who traditionally delay evictions or foreclosures during the holidays.
Troubled property owners receive a holiday break
Both of the major government sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – that buy and sell mortgages in the secondary market have announced eviction moratoriums. Fannie Mae announced a moratorium on evictions – the final step in any foreclosure when people are literally expelled from their homes – between Dec. 19 and Jan. 2. The moratorium doesn’t pertain to multifamily housing, only single-family homes and properties having a maximum of four apartments.
However, the other aspects of a foreclosure will continue over the holidays, including legal and administrative proceedings.
“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” says Joy Cianci, senior vice president at mortgage finance company Fannie Mae.
Chris Bowden, senior vice president of REO at Freddie Mac, says he wants to “help provide families with a greater measure of certainty during the upcoming holiday season,” adding that at-risk owners can use the time to “reach out to their mortgage servicers and explore the alternatives that are in place to help homeowners year-round.”
Fannie Mae encourages homeowners to visit knowyouroptions.com. Freddie Mac’s foreclosure-help website is myhome.freddiemac.com.
Most lenders would still rather work with you in completing a short sale, which will have a much less impact on your credit. Nick & Cindy Davis with RE/MAX Premier Group have assisted hundreds of troubled home owners here in the Tampa Bay and Surrounding areas. We are both Certified Distressed Property Experts (CDPE) as well as Short Sale Foreclosure Resource Certified (SFR). We are always just a click here or call to 813-300-7116 away.
