Latest Fannie Mae changes

Fannie Mae issued a notice to its mortgage servicers to postpone scheduled foreclosure proceedings for around 45 days for those unemployed borrowers who were approved for receiving financial assistance through Hardest Hit Fund programs.

For those who may not know, Fannie Mae is one of the government sponsored enterprises, or GSE in short, chartered by Congress. The mission of Fannie Mae is to provide affordability, stability, and liquidity to the U.S. housing and mortgage market. As per recently released directive by GSE, if a servicer is notified by a HFA that one or more borrowers have been approved for assistance, then the servicer is not supposed to refer the mortgage to foreclosure or carry out a foreclosure, which may have been scheduled, for 45 days. The current notice is an update to the Fannie Mae’s other directive from October.

The previous directive did not give clear-cut instructions on adjourning foreclosure for the recipients of Hardest-Hit Fund, with the exception of where a foreclosure sale had been already scheduled. In such a case, the GSE instructed that the foreclosure proceedings should not be suspended unless the servicers were in actual receipt of funds from the HFA, in order to cover the mortgage payment from borrower.

The 19 states receiving HFA funds are: Arizona, Alabama, Florida, California, Ohio, Georgia, Indiana, Illinois, Michigan, Kentucky, Nevada, Mississippi, North Carolina, New Jersey, Rhode Island, Washington, D.C, Oregon, Tennessee, and South Carolina.

The directive also went on to say that if a mortgage was permanently modified under the HAMP or Home Affordable Modification Program, a borrower who later becomes unemployed can use a Hardest-Hit Fund to pay their monthly mortgage payments.
If the borrower is still unemployed and the unemployment program completes, the servicer would be required to evaluate the borrower for one of the foreclosure prevention alternatives as given by the Fannie Mae, including forbearance.

So what are your thoughts on this topic?
Please post your comments below.

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Active Housing Market Indicators to Future Prices

Active Housing Market Indicators to Future Prices – A Literature Review

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Charlotte, NC. Own your next home

Charlotte NC., continues to be one of the most desirable places to live in North Carolina. It is a diamond in the rough, just waiting for you to find and put your own polishing on it. Charlotte is the headquarters for two of the major banks in the United States, Wells Fargo and Bank of America. Charlotte is the home of the nations 13th busiest national airport (Charlotte/Douglas International Airport) and home of four of the top 100 high schools. It is a melting pot of cultures, with educational institutions such as University of North Carolina at Charlotte, Davidson College, Johnson C. Smith University and others.

Home values have remained stable or risen slightly throughout the mortgage melt down of the middle 2000’s. So there are affordable options such as Condos,townhouses,single family homes to choose from and plenty of available homes to select from in all price ranges.

There are two major interstates that run through the heart of the city. Making travel around town, or to the surrounding communities easily accessible. With the two major interstates, Charlotte, NC. is a major gateway to all of the southern states on the east coast.

For more local or neighborhood information please contact us at: or, we offer a lease to own option program, that is tailored to a families particular situation.

Wilson Real Estate Investments, LLC.

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Charlotte, NC. Lease to Own

I read today that for the first time since stats have been collected on household formations in America. The majority of American households are now being headed by single mothers. This information was enlightening to me. I’m an investor and managing partner at Wilson Real Estate Investments, LLC. in Charlotte, NC. Please visit our websites at, or We purchase and sell single family housing in the Charlotte, NC. metropolitan area. Most of our sells are done by a “lease with option”, which is also known as “rent to own”. I will be discussing this form of home buying in greater detail. I believe the option to purchase is one of the best ways to purchase a home if you’re having trouble coming up with the down payment or have less than stellar credit. As the new face emerges of the RE investor after the market crash, we believe that the mission of investing will be different .The new investor must be engaging to his clients needs. They will also need to be experts at least in the local real estate market. At Wilson Real Estate Investments, LLC. We believe that every house is built for a family and every family should own their home. It is a matter of matching house to family and family to house. We have focused our information to the single mother needing to purchase a home for her family. We will be using video and blogging to provide information on the process of home purchasing. These videos will provide information and explain terms that you will need to be familiar with as well as the process of home hunting, negotiating the contract with seller or realtor and signing real estate documents, to making the application for the mortgage. We will discuss the difference between buying foreclosure, shortsales, existing homes and from builders. The most important thing I would like for you to know and remember is that the information provided is just that, it is not intended to advise you or be the final authority on the subjects discussed. We will always say that your specific situation may be different so always seek legal advise from an attorney or tax consultant before entering into any deal or contract. For more information on our lease program click on more information below.


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