Important Fannie Mae Update Regarding Foreclosures
It looks like Fannie Mae is tightening up on people who go through foreclosure, especially strategic foreclosures.
1. Fannie is going to a 7 year window before they will lend to someone who has had a foreclosure, unless they can document extenuating circumstances.
2. Freddie Mac is currently 5 years and will be evaluating their policy in lieu of Fannie Mae's decision.
3. FHA is presently 3 years and there is a bill in congress that wants a Life Time ban on people who default on FHA loans.
Please contact us if you are having difficult making those mortgage payments as there are far better solutions than foreclosure.
Please contact us if you are having difficult making those mortgage payments as there are far better solutions than foreclosure.