Fannie and Freddie Won’t Evict Foreclosed Home Owners During Holidays

December 3, 2011 — evictions, fannie mae, foreclosure evictions, foreclosure sales, freddie mac, short sale, stop foreclosure

Fannie Mae and Freddie Mac won’t evict families from their homes during the holidays, but will continue to process foreclosures.

Lending giants Fannie Mae and Freddie Mac won’t evict foreclosed home owners between Dec. 19 and Jan. 2, the lenders said in releases Thursday,December 1st.

Notices of default, notices of auction sale, and foreclosure auctions will continue normally. But borrowers whose homes have been sold at auction or taken back by the government-owned mortgage agencies will be allowed to stay in their property through the holidays.

The two companies own about half of all mortgages, Fannie Mae spokesman Andrew Wilson said. Home owners in the midst of the foreclosure process can check to see whether Fannie or Freddie own their loans at fanniemae.com/loanlookup or freddiemac.com/mymortgage.

Home owners who have been foreclosed, but who still live in their houses, will receive notices from Fannie or Freddie if the lenders are involved.

This is good for home owners because it allows more time for a short sale.  A short sale allows the home owner to end the process with  dignity and possibly remove all of the remaining mortgage balance.  I recently stopped a foreclosure auction on a Freddie Mac loan with a 13 day short sale approval.  There is still time!  Visit this page to review your options:  avoid foreclosure.