November 11, 2011 rummy 1Comment

Covering Fannie, Freddie, FHA, and VA Ann. SEL-2010-05: Underwriting Borrowers with a Prior Pre-foreclosure Sale or Deed-in-Lieu of Foreclosure (04/14/10) 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 pre-foreclosure event (pre-foreclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting period” – the amount of time that must elapse after the pre-foreclosure event – is changing and may be dependent on the LTV ratio for…