DEED-IN-LIEU FORECLOSURE and Short Sale UPDATES Fannie Mae

Reblogger
Real Estate Agent

If you are in over your head and facing foreclosure in Pell City or in the Logan Martin Lake area, take a look at the following information from Fannie Mae on the post by George Souto from Ct.

You do have other options but you must have approval from the bank to accept the deed in lieu or the short sale.

Give me a call and we can talk about all the options available to you.

 

Original content by George Souto NMLS #65149

Fannie Mae has announced a new updated.  This time they are revising the waiting period for Deed-in-Lieu of foreclosure and Short Sale on conventional conforming loans effective with applications dated on or after July 1, 2010. Fannie Mae's Automated Underwriting System (DU) will be updated to version 8.1 and implemented during the weekend of June 19, 2010 to include these changes. No changes will be made to bankruptcies or strict foreclosure, so the present guidelines will continue to apply.

Below is a breakdown and time periods for the new changes.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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Signature,Logan Martin Lake Sales  

If you are looking to purchase a home in Pell City or the Logan Martin Lake area, view all  Real Estate listings here. I service all of St. Clair and Talladega Counties.  You can read more information about the area on my Pell City home blog.  All information is believed to be accurate but is not warranted, it should be independently verified.  You can email me at: Diane@LoganMartinLakeSales.com  or call  my cell at 205-369-4595.

 

Comments (4)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Diane, thanks for sharing this information.  Agents need to be on top of Fannie Mae as a lot of sales take place involving them.

May 16, 2010 03:59 AM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Great post Diane. Thanks and great day ahead!

May 17, 2010 08:18 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

...and the worst part is that just because Fannie Mae says something is okay, that doesn't mean that a lender overlay will still deny a loan. 

Mike in Tucson

May 19, 2010 04:56 PM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Great post!

May 21, 2010 10:07 PM