Fannie Mae Changing Guidelines For Strategic Defaulters
Kevin and Fred talk about strategic defaulting and touch on the ethics of it…
Also, as promised… Here are some of the Fannie Mae info:
This is for conventional loans.
Currently the waiting period for purchasing a home after a foreclosure is 5 years. As of October 1st 2010 the waiting period will be extended to 7 years.
Summary of Waiting Period Requirements
- Bankruptcy Chapter 7 or 11 = 4 years
- Bankruptcy Chapter 13 = 2 years from discharge date
- Multiple Bankruptcy Filings = 5years if more than one filing in the last 7 years.
The Requirements for Deed in Lieu of Foreclosure, Preforeclosure Sale, Short Sale are dependant on the loan to value amount:
- with a maximum loan to value of 80% after 2 years.
- a maximum loan to value of 90% after 4 years and
- is back to “normal” after 7 years.
Here’s a link to Fannie Mae’s official press release http://www.fanniemae.com/newsreleases/2010/5071.jhtml
AND the official new guidelines
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1005.pdf
As always if you find more info please put it in a comment.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I can’t wait to hear about the first lawsuit coming from someone who has been foreclosed on being rejected for a loan. My deed of trust doesn’t say anywhere that I will be rejected for a future loan. It only gives the bank the right to foreclose. It does not authorize the bank to post a foreclosure to my credit or discriminate against me for future loans 🙂 It’s coming, trust me!
They were DE-listed because they LOSE so many billions per second.
2ndly, Short sales ARE NOT, and HAVE NEVER BEEN predicated on hardships! They are loss mitigation, and the MOST RESPONSIBLE WAY to sell in a severely down market.
Ask me how I know that one!?
is there a standard amount a 2nd GMAC must accept on a short sale for a freediemac or fannie mae loan?