Fannie Mae's New Guidlines for Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure
Posted by Minna Reid on Monday, November 28th, 2011 at 10:24am.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:
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Minna Reid is a full-time, full-service, Connecticut REALTOR®, specializing in short sales, serving Hartford, Tolland, Middlesex and New Haven Counties including, but not limited to; Andover, Avon, Berlin, Bloomfield, Bolton, Cheshire, Columbia, Coventry, Cromwell, Durham, East Hartford, East Hampton, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Hebron, Lebanon, Manchester, Mansfield, Marlborough, Meriden, Middlefield, Middletown, Newington, Portland, Rocky Hill, Somers, South Windsor, Southington, Stafford, Tolland, Vernon, Wallingford, West Hartford, Wethersfield and Willington.
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