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Another Grace Period: Fannie & Freddie Extend Moratorium On Evictions Yet Again
February 3rd, 2009 categories: Foreclosures / Short Sales, Loans / Financing
Fannie Mae and Freddie Mac recently extended their temporary moratoria on evictions through the month of February.
Originally, evictions were halted from Thanksgiving through early January. Then, just before that deadline approached, the two mortgage market giants announced that they were extending the moratorium until the end of January.
Their latest actions, announced last Friday, will allow both renters and owner-occupants to stay in their homes without the fear of eviction through at least the end of this month.
Renters and even some former owner-occupants, meanwhile, also will have the opportunity to stay in the house on a month-to-month basis at market rent until the property is re-sold if they qualify for Fannie’s & Freddie’s’ new post-foreclosure rental programs. They’ll need to demonstrate that they can afford to pay market rent.
Fannie Mae announced its rental program in mid-January. When Freddie Mac announced the eviction moratorium extension last Friday, it announced that it too will be providing a similar REO Rental Option for tenants of Freddie-Mac foreclosures.
For more information, Click HERE for Freddie Mac’s announcement or HERE for Fannie Mae’s.
