If you are facing difficult financial times foreclosure may be your last option.
However, be careful, if you are letting your home go into foreclosure as a result of value being less than what you paid, if you can still afford to pay and just choose to simply "walk away"
please know these rule changes;
As, it may be 5 years until you can get a Fannie Mae insured loan for your next home purchase.
Other excellent resources for mortgage and lending guidelines and new rule changes are
- The Daily Mortgage Report by Dan Green
- Behind the Mortgage by Alex J Steinbeck
- Mortgage Insider by Matt Padilla
- Fannie Mae Tightens it Guidelines by Roland Carrillo, PHD
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