No borrowers will be evicted from their homes during the holidays if the foreclosed loan is owned or managed by the Federal Home Loan Mortgage Corp.
That proclamation came Wednesday from the secondary lender.
Freddie Mac said it is suspending evictions on owner-occupied foreclosed properties from Dec. 20 until Jan. 3, 2011. Single-family homes, as well as two- to four-unit properties, are eligible for the suspension.
The suspension only applies if the property is occupied.
Anthony Renzi, senior vice president of single family portfolio management at Freddie, noted in the statement that the move is being made “to provide a greater measure of certainty to families during the holidays.”
The McLean, Va.-based company owned or managed $2.2 trillion in mortgages as of Oct. 31.
All U.S. residential mortgages outstanding amount to around $10.5 trillion.
