advise: Fanny Mae Encourages Short Sales As An Alternative to Foreclosure
- 10/08/08 06:29 AM
My clients are always asking me why short sales for sellers in default of their mortgages are a better solution than foreclosure and deed-in-lieu-of foreclosure. My response is that it will be less damaging to your credit and you will be able to recover faster than if you have a foreclosure listed on your credit. I did not know exactly how much faster, though. Fannie Mae has just introduced their most recent guidelines for new mortgage loans which address individuals with various types of foreclosure history. Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered … (0 comments)
My clients are always asking me why short sales for sellers in default of their mortgages are a better solution than foreclosure and deed-in-lieu-of foreclosure. My response is that it will be less damaging to your credit and you will be able to recover faster than if you have a foreclosure listed on your credit. I did not know exactly how much faster, though.
;)
;)
