Archive for 'Foreclosures'
New Guidelines for Borrowers with Short Sales, Foreclosures, and Deed-in-Lieu
Freddie Mac and Fannie Mae have adjusted their guidelines for borrowers who have a Short Sale, Foreclosure, or Deed-in-Lieu of Foreclosure.
Waiting period and allowable financing are now the same for all of these
2 years – but less then 4 years: Max 80% financing
2 Years with Extenuating Circumstances: Max 90% Financing
4 years – [...]
Owners Stay in Foreclosed Homes Anyway
One of the hardest parts of this foreclosure process is telling the homeowners that they have to leave their home. As a Realtor®, you do not know their story and what hardship the homeowner is going through. They may not being going through any hardship, but never jump to conclusions. The way the process is [...]
Full StoryFannie Mae Pre-Foreclosure Announcement
To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting [...]
Full StoryShort Sales in Northern Virginia
We’re starting to see a lot more short sales in Northern Virginia, but it’s really more than that. You will also notice short sales in Northern Virginia as a whole. This includes short sales in Maryland and Washington DC as well.For those buyers out there, every time you hear that a home [...]
Full StoryForeclosure Inventory is Rising
If you’re an active buyer in Northern Virginia out there and have been following the market the past 5 months, you’ve probably seen a dip in the amount of foreclosures that are hitting the market. You are also probably noticing that every offer you submit is beaten out by an all Cash offer. The reason [...]
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