fico: Consequences for 'Walk-Away' Borrowers - 04/20/08 02:15 PM
Found this and tought to pass it on. Please inform your clients that might be in hardship stuation. 
The government and the lending industry are taking aim at "walk-away" home owners who stop making payments and months later send the house keys back to their lender. Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are "documented extenuating circumstances." In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment … (5 comments)

 
Boris Miric Realtor (Licensed in DC-VA-MD)

Boris Miric Realtor (Licensed in DC-VA-MD)

Washington, DC

More about me…

Address: District One Properties, 220 S. Payne Street, Alexandria, VA, 22314

Office Phone: (703) 600-7000

Cell Phone: (202) 459-4700

Email Me



Links

Archives

RSS 2.0 Feed for this blog