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Fannie Mae Entices Borrowers’ to Move Out
Fannie Mae is dangling a new carrot under the noses of deliquent borrowers…if they agree to turn over their deed in lue of foreclosure…they will be eligible for a new mortgage in two (2) years versus the four (4) year present waiting period.
In addition, borrowers who lost their home due to “extenuating circumstances” beyond their control will be able to qualify for financing with as little as 10 percent down after only 2 years. Circumstances such as job loss, illness or divorce are considered “beyond ones control”.
Bankruptcy and foreclosure damage millions of borrowers’ credit scores, leaving most unqualified for another mortgage for years. Fannie Mae requires that borrowers resestablish credit for a five (5) year period in the case of foreclosure. The minimum wait for borrowers who filed for bankruptcy protection is currently 2-4 years depending on whether the borrower filed under Chapter 7 (4 years) or Chapter 13 (2-4 years) depending on circumstances.
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