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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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.
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