Fannie Mae just announced that on applications taken on or after July 1, 2010 there are new guidelines with regards to the amount of time that must elapse after a prior preforeclosure sale or deed-in-lieu of foreclosure. Here is a summary:
Current Waiting Period Requirements:
Deed-in-Lieu of Foreclosure-2 years and additional requirements apply between years 2 and 7
Preforeclosure Sale- 2years
Short sale- No policy exists to short sales
New Requirements
DIL-Preforclosure sale-Short sale
2 years- 805 max LTV
4 years-90% max LTV
7 years- LTV restrictions eliminated and back to normal guides.
Please think long and hard about these options before, there are tax consequences as well as the ability to purchase down the road. It's not walk away with no pain for you. If you must though find a realtor that knows the local market and has the experience with short sales. This is just one of many excellent Realtors I have worked with over the years.
There are circumstances that allow for exceptions but don't count on that. For more information contact Brent Mendelson 240-403-1970.
Licensed in SC.NC,VA,DC,MD,WV,DE,PA
There are exceptions to the waiting periods listed above for extenuating circumstances, but for the most part these are the new guides as of July 1 for Fannie Mae Conventional loans…
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