A variety of foreclosure alternatives are available to borrowers who are having difficulty making their mortgage payments. In Announcement SEL-2010-05, Underwriting Borrowers with a Prior, Fannie Mae announced changes to the Preforeclosure Sale or Deed-in-Lieu of Foreclosure policies regarding the amount of time that must elapse after a borrower experiences a preforeclosure event (preforeclosure sale, short sale, and deed-in-lieu of foreclosure). The changes highlighted the importance of borrowers working with their servicers to avoid foreclosure. As a follow-up to that Announcement, Fannie Mae is now modifying the waiting period that must elapse before a … (0 comments)
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Underwriting Borrowers with a Prior Foreclosure
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