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FNMA Rewards Michigan Homeowners doing a Short Sale or Deed-In-Lieu Instead of Walking-Away (Foreclosure)
This is really a break-through. There is light at the end of the tunnel for people who thought they were "out of the ballgame if they had a short sale or deed-in-liew.
Homeowners doing a Short Sale or Deed-In-Lieu instead of Walking-Away (Foreclosure) got some great news from FNMA recently as the agency announced shorter waiting periods to qualify for a new mortgage.
MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY
In an attempt to encourage Michigan Homeowners to work with their lenders on Short Sales or Deed-in-Lieu's instead of just letting their homes go to Foreclosure, FNMA just announced some changes to their policy in regards to these homeowners qualifying for their next mortgage.
Previously, Deed-in-Lieu's were treated the same as Foreclosures - giving a Michigan Homeowner little incentive to work out anything with their lender.
There was also a lot of confusion regarding when a homebuyer could qualify for a new mortgage after a Short Sale.
FNMA's announcement SEL-2010-05 clarifies their policies. 
A summary of the new guidelines:
Putting 20% Down - minimum wait period of 2 years Putting 10% Down, minimum wait period of 4 years Putting less than 10% Down, minimum wait period of 7 years There are still exceptions for extenuating ... more

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