By Andrew Wilson
Fannie Mae (FNMA/OTC) announced recently that it will suspend evictions of foreclosed single family and 2-4 unit properties from December 19, 2012 through January 2, 2013. Legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be allowed to remain in the home during this period.
"We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure," says Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. "The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year. We encourage homeowners having difficulty to reach out for help as soon as possible."
Previously, Fannie Mae announced a temporary suspension of foreclosure sales and evictions in areas designated for individual assistance by FEMA due to Hurricane Sandy. That 90-day suspension will last through February 1, 2013.
Homeowners can visit www.knowyouroptions.com for resources on how to prevent foreclosure, including contact information for Fannie Mae’s 12 Mortgage Help Centers located across the country.
For more information, visit www.fanniemae.com.