Government-backed mortgage companies Fannie Mae and Freddie Mac have released a statement saying that they will pause evictions from two-to-four unit properties as well as single family homes during the remainder of the holiday season. The temporary hold will be in effect from December 17th until January 2nd.
For families facing foreclosure and worried about trying to find a new place to live, this will be a welcome relief. With businesses closed and many people on vacation during this season, it can be very difficult to find a new place to live towards the end of the year.
“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said a spokesperson for the mortgage company. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.”
The companies have also issued statements encouraging homeowners who may be facing foreclosure or eviction to reach and get assistance, and to make sure that they know the different options that they have to move forward. In some cases a foreclosure can be avoided through a loan modification or a short sale. Whatever homeowners choose to do in response to a foreclosure notice, the most important thing is to do something. Ignoring the notice will only make the situation worse and could make it harder to work with the bank to reach a better solution in the future. Any time a homeowner wants to negotiate with the bank, they must remember that no deal is final until it is in writing and until they see a court order stopping the sale of the home.
Source: American Banker, “Fannie Mae and Freddie Mac are taking steps to help borrowers facing foreclosure remain in their homes for the holidays,” Brian Browdie, Dec. 3, 2012.
Our Orlando law firm helps Florida residents with foreclosures. More information is available on our website.