Fannie Mae and Freddie Mac halt Foreclosed Property Evictions until after Holidays

House and calendar - BSN

(Best Syndication News) - Fannie Mae and Freddie Mac announced that they would halt evictions during the holidays.

The Federal National Mortgage Association (OTC:FNMA) will halt evictions from foreclosed single family and 2-4 unit properties between December 19, 2012 and January 2, 2013. Similarly, the Federal Home Loan Mortgage Corp (OTC:FMCC) announced a nationwide halt to evictions between December 17, 2012 and January 2, 2013 for single-family homes and 2-4 unit properties.

Fannie Mae and Freddie Mac said that during this temporary pause, the families living in these properties will not be evicted. However, the legal and administrative proceedings will continue and the eviction process may continue during this period, but the actual evictions will be postponed.

Fannie Mae and Freddie Mac have also halted evictions and foreclosure sales in areas hit by Hurricane Sandy and are designated by FEMA for individual assistance. This 90-day suspension will go on through February 1, 2013.

By: Dave Reddy

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