Moorpark Short Sale-Fannie Mae Relaxes Waiting Period for Distressed Borrowers

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Real Estate Agent with Allison James Elite CA. BRE 01501699

Moorpark Short Sale Realtor 805.208.0823By Chris B Johnson Realtor,

Moorpark Short Sale ,Thousand Oaks Short Sale,

Simi Valley Short Sale, Moorpark Short Sale ,

Ventura County Short Sale,

Fannie Mae recently released a report revising the waiting periods for distressed borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan.

For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae’s new mandated minimum waiting period to become eligible for a new loan is four years. The time is shortened to two years if there are extenuating circumstances. According to Fannie Mae, extenuating circumstances are defined as “nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.”

If a borrower has a foreclosure on his or her credit record, the new minimum waiting period is seven years. If there are multiple bankruptcy filings on a borrower’s record, the waiting period for a new loan is five years if there has been more than one filing in the previous seven years. 

Moorpark Short Sale Realtor 805.208.0823

Looking for help? I can help you get your Single Point Of Contact, obtain a Loan Modification or Short Sale your property and get back on your feet.

 

Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.


When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.


Discover how other sellers successfully completed a short sale and request a free consultation by
clicking here.


Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Click here to request a copy.

 

Many Ventura County Homes Appreciated by over 16% Last Year.  If you’re thinking of selling, yours may have now have enough equity to sell without being “Short”.

Pricing your home correctly the FIRST TIME is more important than ever!

If you want an accurate idea of what your home is worth Click Here:                      Moorpark Short Sale Specialist 805.208.0823

You may now have enough EQUITY in your home to sell WITHOUT

having to be “short”. If you are thinking about a short saleI can help

you get an accurate value for your home and get back on your feet.

If you would like periodic updates on what is going on in

Your Neighborhoodor the Ventura County Real Estate Market, Click on the Links!

Thanks for reading this,

 

Chris B Johnson.

Chris B Johnson is a Realtor with Berkshire Hathaway HomeServices .

Phone: 805-208-0823.

email cjohnson@BHHScalhomes.com.

Certified HAFA Specialist   Certified Distressed Property Expert   Certified Short Sale Negotiator  

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Chris B is a Real Estate agent at Prudential California Realty (License No. 01501699), covering the greater Moorpark area.
Phone: 805-208-0823
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