Despite housing market improvements that have paralleled the stabilizing economy, many homeowners are still financially unable to keep up with their monthly mortgage payments. The holiday season frequently means spending more, though Fannie Mae recently announced any homeowners with foreclosed houses will receive a break from evictions between December 19 and January 2.
In addition to aiding those over the winter season, the government-sponsored enterprise has implemented a similar suspension before, helping those affected by natural disasters. Those affected by Hurricane Sandy will also be provided more peace of mind thanks to the 90 day halt of evictions extended throughout February 1.
"We're taking this step in support of families who have faced financial challenges and gone through a foreclosure," said Terry Edwards, executive vice president of credit portfolio management of Fannie Mae. "The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year. We encourage homeowners having difficulty to reach out for help as soon as possible."