Tagged : Florida Mortgage Update 
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Fannie Adds Incentive to Avoid Foreclosure
Monday, April 26th, 2010 at 3:32pm. 469 Views, 0 Comments.
Just released - Fannie Mae foreclosure incentives...
Source: The Wall Street Journal, Nick Timiraos (04/26/2010)
Beginning in July, Fannie Mae will allow
financially troubled home owners to complete a “deed in lieu of
foreclosure” or a short sale and be eligible to apply for a new
Fannie-backed mortgage in two years.
Currently, borrowers who have completed a
deed-in-lieu must wait four years to apply for a loan that Fannie will
purchase. Home buyers who go through foreclosure must wait five years.
All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. "We are beginning to think about post-recession, how you address borrowers
who became unemployed through no fault of their own ... and now…