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Fannie Mae Suspends Evictions for Holiday Season

by Chicago Agent

Fannie Mae has recently announced its decision to suspend evictions of single-family and two- to four-unit properties from December 19 to January 2, 2012.

During the period of suspension, legal proceedings may continue, but families living in the foreclosed properties will be permitted to remain in the home until January 2.

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. “No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”

Because of the different stages of the foreclosure process, not all of the foreclosures in Fannie Mae’s inventory will be affected by the suspension. Fannie Mae spokesperson Andy Wilson said it is not possible at this time to determine how many foreclosures will be affected by the suspension.

Fannie Mae encourages homeowners with Fannie Mae loans to call 1-800-7FANNIE or visit www.knowyouroptions.com for more information on foreclosure prevention options and other resources. Contact information for the Fannie Mae Mortgage Help Center and the HUD-approved counseling agencies in the homeowner’s area can be found through these outlets.

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