Fannie Mae just announced a policy change for defaulting borrowers who are foreclosed on. Under this new policy, a foreclosed homeowner will now need to wait SEVEN years before being eligible to get a new Fannie Mae loan in the future. FURTHER - Fannie Mae WILL now take LEGAL ACTION to collect what they lost in the foreclosure.
On the flip side, if a borrower works with the loan servicer in good faith, through a short sale or loan modification, those borrowers will be eligible for a new Fannie Mae backed loan in two to three years.
POSTED BY: Gwendolyn Walton, CDRS, CDPE, SFR AT 11:11 am
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