Blog Post

Fannie Mae announced today that it will be reducing the waiting period from 4 years to 2 years for new mortgages for borrowers who have agreed to a deed-in-lieu of foreclosure. These new guidelines have been announced in order to convince more delinquent borrowers to agree to deed-in-lieu of foreclosures instead of the costly legal fees for the lender of traditional foreclosures.
The new policy will apply to loan applications submitted after June 30th and will require a minimum down payment of 20% for borrowers with a deed-in-lieu within the last 2 years and only 10% for those who have had a deed in-lieu of foreclosure within the last 2 to 4 years.

Via Inman.com

Posted 19th April 2010 by Sally Forster Jones

Labels: deed-in-lieu of foreclosure fannie mae foreclosures home mortgages