Fannie Mae, Banks Putting Foreclosures on Hold During Holidays

FINANCIAL/MORTGAGES

Fannie Mae is putting a temporary hold on family home foreclosures this holiday season.

While legal and administrative proceedings for evictions will continue, families in foreclosed homes won’t be kicked out until after January 2, the mortgage loan giant said on Thursday.

The free pass will begin on Dec. 19 and will cover foreclosed single-family and 2-4 unit properties.

“No family should have to give up their home during this holiday season,” said Fannie Mae’s executive vice president of credit portfolio management, Terry Edwards.

Banks such as Wells Fargo (NYSE:WFC) and J.P. Morgan Chase (NYSE:JPM), are also suspending evictions during the same period.

Fannie encouraged any homeowners having difficulty making payments to reach out for help.

“Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible,” Edwards said.