Finally Fannie

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Real Estate Sales Representative with Florida Homes Realty & Mortgage

Jacksonville foreclosures and short sales are plentiful...SEARCH HERE

 

Fannie Adds Incentive to Avoid Foreclosure 

Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.


Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years. 

All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. "We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own ... and now deserve the right to re-enter the housing-finance system," said Federal Housing Association Commissioner David Stevens.

Source: The Wall Street Journal, Nick Timiraos (04/26/2010)

 

The Jones Group

Mike and Cindy Jones, Realtors, e-Pro's

(904) 874-0422

www.MikeAndCindyJones.com

 

 

 

Keller Williams Realty

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