fnma: Which Would YOU Rather--FIVE Years or ONE Year?
- 06/24/08 08:41 AM
If you or anyone you know are considering "letting go" of your home to foreclosure--be sure you know ALL the facts first! The rules are changing, and have changed--used to be the difference between a Short Sale and a Foreclosure was about a hundred points on your credit, and a year or two of 'ineligible' loan status. No more! Lending rules have changed, and the new Fannie Mae guidelines which have already gone into effect as of May 31, 2008 are FIVE YEARS of ineligible status. Beginning to sound more like bankruptcy now, isn't it? Just last week I had a … (0 comments)
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If you or anyone you know are considering "letting go" of your home to foreclosure--be sure you know ALL the facts first! The rules are changing, and have changed--used to be the difference between a Short Sale and a Foreclosure was about a hundred points on your credit, and a year or two of 'ineligible' loan status. No more! Lending rules have changed, and the new Fannie Mae guidelines which have already gone into effect as of May 31, 2008 are FIVE YEARS of ineligible status. Beginning to sound more like bankruptcy now, isn't it?
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