Though many housing market factors are improving, some homeowners continue to struggle keeping up with their monthly mortgage payments. While keeping up with foreclosure paperwork and processing is important for more accurate mortgage records, a new report from Freddie Mac reveals there will be no evictions between December 17 and January 2.
While this will provide relief for those around the holidays, it will also lend a hand to homeowners suffering from losses after Hurricane Sandy.
According to the release, the suspension will only be effective on properties that are owned by the government-sponsored enterprise. Other underwater homeowners with financing through private lenders may still be subject to eviction from their properties. Despite the halt in eviction actions, Freddie Mac says it will continue processing paperwork and resume evictions after the date provided.
"We are instructing our foreclosure attorneys to suspend pending eviction lockouts on foreclosed homes in order to provide a greater measure of certainty to families during the holiday season," said Tracy Mooney, senior vice president of servicing and REO for the GSE.