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Freddie Mac to suspend evictions during holidays

[Dec 1, 2010.]

 

Freddie Mac said it is suspending evictions involving foreclosed properties until after the holidays. The suspension will be in effect from Dec. 20, 2010, to Jan. 3, 2011, and applies to all occupied single family and two- to four-unit properties that have Freddie Mac mortgages.

"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac, said in a statement.

Get free mortgage advice

If foreclosure proceedings haven't been initiated against you but you are at risk of that happening, take steps now to try and avoid it. You do not have to pay someone to discuss your situation. The Department of Housing and Urban Development (HUD) has information about housing counseling agencies that are approved to work with distressed homeowners. The approved nonprofit agencies give mortgage advice for free.

Foreclosure prevention workshops also are held in different communities at various times. Check with your local government, housing agencies or community groups to find out about workshops or foreclosure fairs in your area. Avoid events that charge a fee to enter. Be wary of free events hosted by people who put on a heavy sales pitch to persuade you to purchase products or services.

Foreclosure prevention events

If you choose to attend a foreclosure prevention event, find out ahead of time what you need to bring. Some of these events have housing counselors available to work with homeowners on the spot. Most are designed to help as many people as possible remain in their homes. You usually have to bring financial information about your mortgage and other bills. Housing counselors should be able to review your monthly budget and determine what kind of help you need.

You don't have to suffer in silence and watch your home slip away. If you're in trouble with your mortgage loan, do whatever you can to get the help you need. Depending upon your situation you may qualify for a home refinance at a lower interest rate, which could help lower monthly payments. Another possible solution could be a short sale. This would occur if your mortgage lender agrees to let you sell your home for less than the balance owed on the mortgage loan. There may be other solutions to your mortgage problems, so don't wait until it's too late to get the help you need.

 

About Author:

Francine L. Huff is a freelance journalist and the author of The 25-Day Money Makeover for Women. She has appeared on a variety of TV and radio shows.

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