Hackney's Houses

Nicole Walker of Fairhaven Mortgage sent this out this morning which is another chapter of Real Estate soap opera we now have as reality.  As you read this and any other "news" on the street, remember that there is opportunity every where should you look for it. 

From the desk of Nicole Walker:

Are foreclosures a thing of the past? Fannie Mae announced that it is suspending all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program. In addition, the company adopted a national Real Estate Owned (REO) Rental Policy that allows renters in Fannie Mae-owned foreclosed properties to remain in their homes or receive transitional financial assistance should they choose to seek new housing. JPMorgan Chase and Bank of America followed Fannie, using the March 6th date. Citi, in a blatant display of one-upmanship, suspended foreclosures until March 12th if Citi owns the 1st mortgage. The White House is considering a plan that would use federal funds to buy at-risk mortgages and refinance them, thereby making them more affordable to the homeowner.


Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure so as to prevent properties from becoming vacant so they won't fall into disrepair. Freddie also said it will allow renters to remain in their homes even if their landlord enters foreclosure. It has about 8,500 properties in the foreclosure process, but many are vacant. Fannie has been doing the same thing since January. Tenants and former property owners need to demonstrate they have enough income to pay the rental bill. Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.

My guess is some people will still fall between the cracks and loss their homes or attempt to do a short sale, as there is no panacea.