Fannie Mae Fights Back Against Strategic Defaulters

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Real Estate Agent with Century 21 New Millenium

Fannie Mae Fights Back Against Strategic Defaulters

by Adam Quinones on 6/23/2010

Posted to: MND NewsWire
Wednesday, June 23, 2010 3:49 PM

courtesy of mortgage news daily

From the Fannie Mae Release... Fannie Mae announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure . Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe. In April, Fannie Mae updated their underwriting guidelines regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure sale, short sale, or deed-in-lieu of foreclosure. HERE is the bulletin. "We're taking these steps to highlight (READ THE FULL POST)

  

http://www.mortgagenewsdaily.com/06232010_strategic_defaulter_lockout.asp

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Rainmaker
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Ritu Desai
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Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

Thanks for sharing!!

June 28, 2010 09:38 AM #1
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