Borrowers Get Revising On Waiting Period

Borrowers Get Revising On Waiting Period
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 fora 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.", See more

with
a short sale or deed-in-lieu of foreclosure on their record - See more
at:
http://www.affordableutahhousing.com/blog/1215148#sthash.rglwVR5Y.dpuf

with
a short sale or deed-in-lieu of foreclosure on their record - See more
at:
http://www.affordableutahhousing.com/blog/1215148#sthash.rglwVR5Y.dpuf