Tag Archives: short sale
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 – [...]
Fannie 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 StoryAvoid Foreclosure in Northern Virginia
There are many troubled borrowers out there that have no idea where to turn to for help. ARM’s(adjustable rate mortgages) are resetting and mortgage payments are increasing as much as $1,500 a month. That’s a whole other mortgage payment for some! For those of you that are in this predicament, do not panic. There is [...]
Full StoryUnderwater Mortgages
According to a report by First American CoreLogic, more than 23% of people with mortgages owe more on their property than what they’re worth. Another 2.3 million homeowners are within 5% of being underwater. What does this mean? It means that those homeowners will have to stay in their homes for a long time until [...]
Full StoryShort Sales Are Working in Northern Virginia!
Listen up you troubled borrowers out there: short sales are working in Northern Virginia! The process is becoming more efficient. This is also good news for your buyers out there that have had to deal with the nightmare of submitting offers on short sales. Instead of waiting six months or more for an answer from [...]
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