Fannie, Freddie Halt Foreclosures for the Holidays
Fannie Mae (FNMA) and Freddie Mac (FMCC) said Monday that they will suspend some foreclosures during the holidays.
From December 19 through Jan. 2, 2013, Fannie will halt evictions of homeowners in a single-family property and in apartments with up to four units that are financed by a mortgage from the government-sponsored enterprise. Freddie, the nation’s other main provider of government-backed housing loans, will stop foreclosures for the same the type of homes from December 17 through Jan. 2, 2013.
“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said Terry Edwards, an executive vice president in Fannie Mae’s credit management division, in a statement. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.”
Edwards said borrowers who are struggling with their house payments should contact Fannie as soon as possible.