Fannie Mae (FNMA/OTC) announced recently that it will issue an eviction moratorium for the holidays, as it has done in previous years. The company will suspend evictions of foreclosed single family and 2-4 unit properties from December 18, 2013 through and including January 3, 2014. For this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home.
“The holiday season is meant for quality time with family and we want to relieve anyone of the anxiety of leaving their home during this season,” said Terry Edwards, Chief Operating Officer for Fannie Mae. “We encourage any homeowner who is having difficulty making their mortgage payment to reach out for help right away. Fannie Mae will continue to help borrowers avoid foreclosure whenever possible.”
This year, Fannie Mae made it easier for a delinquent borrower to stay in their home when it introduced the Streamlined Modification, which is available once someone experiences a hardship that causes them to be 90 days late with their mortgage payment.
Homeowners with Fannie Mae-owned loans can visit www.knowyouroptions.com or call Fannie Mae’s Mortgage Help Center at 866-442-8575 for information and resources on foreclosure prevention options. To find out if Fannie Mae owns your loan, visit www.knowyouroptions.com/loanlookup.
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