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Fannie Mae Guideline Changes - Seasoning on Mortgage in Bankruptcy
Fannie Mae Guideline Changes - Seasoning on Mortgage in Bankruptcy
 
 
 
     In a rare event of loosening guidelines, Fannie Mae has issued guidance on changes that will have a positive impact on people who have had a mortgage included in a bankruptcy. 
 
 
     In the past, if a mortgage was included in bankruptcy and a lender proceeded to foreclosure to recoup their losses, borrowers were held to foreclosure seasoning guidelines, meaning they could not obtain a new conventional loan until 7 years after the foreclosure event. 
 
 
     Under the new guidance, effective immediately, these borrowers will be held to bankruptcy seasoning guidelines and not foreclosure guidelines, meaning it will be possible for a borrower to get a conventional mortgage 4 years after a chapter 7 bankruptcy, even if a lender proceeds with a foreclosure on their home if the mortgage was included in the bankruptcy.  IF there were extenuating circumstances that led to the bankruptcy, the seasoning required is only 2 years from the discharge date.
 
 
Fannie Mae Bankruptcy Seasoning Guidelines
 
 
Chapter 7 Bankruptcy? 
 
Fannie Mae requires a 4 year wait from the discharge date to obtain ... more

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