Friday, December 2, 2011

Fannie Mae and Freddie Mac Eviction Moratoriums

On Thursday December 1st, Fannie Mae and Freddie Mac both announced eviction moratoriums that will take place over the holidays. From December 19 through January 2, families living in properties where a Fannie Mae or Freddie Mac loan has been foreclosed upon will not be evicted.

NOTE:  The legal and administrative processes for the evictions may continue during this time, but families will be able to stay in their homes.  In addition, the GSE's will continue with the foreclosure process on delinquent borrowers during this time period as well.

Large mortgage servicers often follow suit – we will updated this blog if we learn of additional banks or servicers initiating moratoriums. 

There are some nuances to the Fannie and Freddie moratoriums; additional details are available in the press releases here and here.

There is no "cold weather" rule regarding foreclosure or evictions after foreclosure in Minnesota.  If you are struggling with mortgage payments or have questions about the process, contact a FREE non-profit Homeownership Adviser that specializes in foreclosure prevention TODAY.  Waiting limits your options!