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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/fannie-mae/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <guid>http://www.homesbyminna.com/blog/ct-chase-short-sale-success-fannie-mae-owned-loan-with-no-default-required.html</guid>
            <link>http://www.homesbyminna.com/blog/ct-chase-short-sale-success-fannie-mae-owned-loan-with-no-default-required.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>CT Chase short sale success – Fannie Mae owned loan with no default required!</title>
            <description> <![CDATA[ 
I’ve been hearing a lot lately about Fannie Mae forcing customers to go into default in order to approve their short sales, so I knew we’d be up for a rough road with this client. While most of my clients are behind in payments by the time they call me, this CT home seller had reasonable income, heavy liquid assets, great credit and intended to not miss any payments in order to preserve her excellent credit.


Any condo in Connecticut is a tough sell right now as condo financing options here have really crumbled. However, after 2 months on market a buyer was secured for the condo. Chase’s (the servicer on this Fannie Mae loan) short sale processing has really eroded over the last few years, and gets more difficult and time consuming all the time. Chase is also on a huge mission (as many other lenders are) to push every last client into HAFA-which is not always the best choice for the client.


Just under 3 months and lots of pushing later we finally got a response from Chase. They were willing to approve the sale - with a lien release only and keep their right to pursue a deficiency….or for a 10% contribution on the loss on the first mortgage, they would provide a full deficiency waiver.


My client wisely chose to contribute to get a full release on the loans.


The amount of the contribution was renegotiated to a lesser amount and a month later this Chase short sale CLOSED with my client never missing a single payment!


OWED: $230,000 - 1st and 2nd mortgages with Chase


FULL SETTLEMENT WITH CLIENT CONTRIBUTING $5,000: $121,000 - net proceeds to Chase.


TOTAL TIMEFRAME LIST TO CLOSE: 5 months
 ]]> </description>
            <pubDate>Fri, 09 Mar 2012 08:31:54 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/fannie-mae-guidelines-update-no-new-mortgages-for-7-years-after-foreclosure.html</guid>
            <link>http://www.homesbyminna.com/blog/fannie-mae-guidelines-update-no-new-mortgages-for-7-years-after-foreclosure.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Fannie Mae Guidelines Update: No new mortgages for 7 YEARS after foreclosure</title>
            <description> <![CDATA[ 
Fannie Mae Guidelines Update: No new mortgages for 7 YEARS after foreclosure


Fannie Mae has recently introduced new guidelines for mortgage underwriting, and is getting tougher on those who have experienced a prior foreclosure.


The time that must have elapsed after a foreclosure is up to 7 years from the previous 5. The changes highlight the importance of borrowers working with their servicers to avoid foreclosure and pursue other workout solutions, including short sales. 


Fannie Mae Waiting Period Requirements as of 10/1/2010


BANKRUPTCY Chapter 7 or 11: 4 years


BANKRUPTCY Chapter 13: 2 years from discharge date or 4 years from dismissal date


FORECLOSURE: 7 years


DEED IN LIEU OF FORECLOSURE, PREFORECLOSURE SALE, SHORT SALE:




2 years - 80% maximum LTV




4 years - 90% maximum LTV




7 years - LTV ratios per the Eligibility Matrix 




 


Exceptions to the waiting periods can be made for qualifying extenuating circumstances. Read the full announcement HERE.


 


 
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 13:38:26 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/fannie-maes-new-guidlines-for-waiting-period-after-a-preforeclosure-sale-short-sale-or-deed-in-lieu-.html</guid>
            <link>http://www.homesbyminna.com/blog/fannie-maes-new-guidlines-for-waiting-period-after-a-preforeclosure-sale-short-sale-or-deed-in-lieu-.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Fannie Mae's New Guidlines for Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure</title>
            <description> <![CDATA[ 
Effective April 30, 2010, Fannie Mae has changed the required waiting period for a borrower to be eligible for a mortgage loan after a preforeclosure event. The waiting period commences on the completion date of the preforeclosure event, and may vary based on the maximum allowable LTV, CLTV, and HCLTV ratios (referred to herein as LTV ratios) and occupancy of the property.


A summary of the changes: 








Read the entire Fannie Mae announcement
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 10:24:57 -0600</pubDate>
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            <guid>http://www.homesbyminna.com/blog/becoming-a-homeowner-after-a-short-sale-how-long-will-you-have-to-wait.html</guid>
            <link>http://www.homesbyminna.com/blog/becoming-a-homeowner-after-a-short-sale-how-long-will-you-have-to-wait.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Becoming a homeowner after a short sale - how long will you have to wait? </title>
            <description> <![CDATA[ 
Are you considering or involved in a short sale in Greater Hartford/Eastern Connecticut? Wondering what it will take to buy a new house again one day?


Guidelines for post short sale borrowers are getting better all the time. Assuming you have taken other measures to improve your credit post short sale, gaining new financing is very possible after just a few years. 


A Fannie Mae mortgage will be available to you two years after your short sale, assuming you qualify otherwise. In fact, if you managed to not miss any payments prior to your short sale, you can get new financing immediately.


The FHA will also lend to you immediately after a short sale with no missed payments, or three years later if you were in default at the time of the short sale.


Most people are in default at the time their short sale is approved. Although it is possible to stay current on your payments and have a short sale approved, it is always very challenging to get a lender to approve a short sale for a current borrower.


So - the good news is that in general just 2-3 years after your short sale, you will be able to qualify for a new FHA or Fannie Mae mortgage, and it is my belief that many other lenders will follow suit and adopt these same guidelines.


Considering a short sale?
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 08:48:22 -0600</pubDate>
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