long realty: · FANNIE MAE CRACKS DOWN ON WALK-AWAYS
- 06/25/10 01:18 PM
· FANNIE MAE CRACKS DOWN ON WALK-AWAYS This is an interesting article. Fannie Mae announced policy changes this week designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. This is an attempt to combat the strategic foreclosures that may be on the rise. Click the link below to read the article. http://www.fanniemae.com/newsreleases/2010/5071.jhtml;jsessionid=XEE0HP2NXF0JNJ2FQSHSFGQ?p=Media&s=News+Releases Richard Lecinski … (0 comments)
The upcoming FHA changes. The facts are: · On April 5th the upfront mortgage insurance premium (UFMIP) will increase to 2.250% from the current 1.750% · The minimum down payment will be 10% for borrowers with credit scores under 580. This is projected to take effect sometime this summer. · The maximum seller contribution towards buyers' closing costs will drop to 3% from the current 6%. This is projected to take effect sometime this summer. Richard Lecinski Long Realty Company Tucson, Az http://rlecinski.longrealty.com
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