SoS, Fannie Mae reach agreement
by Wally Northway
Published: October 23,2009
MADISON COUNTY — Secretary of State Delbert Hosemann and Fannie Mae have reached a new agreement regarding Madison County 16th Section residential leases.
“In discussions with Madison County 16th Section residents, our office was made aware of a problem of Fannie Mae requiring leaseholders to obtain a new lease when they wished to refinance their home loan,” said Hosemann. “This has caused Madison County residential leaseholders to go through the process of obtaining new leases. The agreement we have reached with Fannie Mae allows current leaseholders to refinance with Fannie Mae without obtaining a new lease.”
Fannie Mae has agreed to allow 16th Section leaseholders to fill out a Notice to Renew form, allowing those residents to refinance their homes without having to renegotiate their lease with Fannie Mae until the expiration of the primary term.
Fannie Mae has worked with the Secretary of State’s Office to allow refinancing for certain 16th Section landowners in Madison County. This provision is not available to any other county or State.
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