Maybe Fannie Mae has seen the error of its ways. If you can show extenuating circumstances, the wait to qualify for another loan following a deed-in-lieu or a short sale, could be 2 years. Earlier in the year, Fannie and Freddie had both increased the wait time to four years following a short sale, a DIL and a bankruptcy. It is absurd to make one wait the same length of time following default only on your mortgage and a default of all of your financial obligations. But now, if one can show that the extenuating circumstances was nonrecurring events that were beyond your control and resulted in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations, your wait time to qualify for a new loan following a short sale or DIL could be 2 years. With record low interest rates still on the horizon, those buyers who have recovered can stop wasting money on rent and become homeowners again.
Posted on: Mon, 29 Dec 2014 16:10:42 +0000
Trending Topics
Recently Viewed Topics
© 2015