Again in my opinion this is also unfair, because in the case of a Short Sale, the Homeowner at least tries to minimize the loss to the bank, and a Short Sale cannot take place without the bank approving it. This has always felt unfair to me, and in my opinion different penalties should be assess.Īlso Fannie Mae does not make a distinction between a Foreclosure and a Short Sale when it comes to the waiting period. The end result is those who lost their jobs, or had some other financial hardship which caused them to lose their home are treated the same as those who voluntarily choose to lose their home. As foreclosures have reduced Fannie Mae recently updated their Foreclosure and Short Sale guidelines in Aug(thank you Randy Kirsch for making me aware of the update).įannie Mae does not make a distinction between Foreclosures where the homeowner can no longer make the mortgage payments, and voluntary defaults such as Strategic Defaults. Part of the reason for the increase in Foreclosures was due to what is generally referred to as a Strategic Defaults. The previous Fannie Mae revision to their Guidelines for Foreclosures, and Short Sales was on October 1, 2010, because of the increase in Foreclosure and Short Sale activity. In this first blog I will cover the Fannie Mae Waiting Periods For Foreclosures And Short Sales. This information is important for both homeowners who are going through a Foreclosure or Short Sale, as well as those who have gone through a Foreclosure or Short Sale and are looking to purchase again. The most important of the Foreclosure and Short Sale Guidelines when looking to purchase a home after going through a Foreclosure or Short Sale, is the waiting periods required by each Mortgage Program before a Buyer/Borrower can qualify to purchase again.īecause Foreclosures and Short Sales continue to have an impact in several parts of the Country I will cover the waiting periods required before a Buyer/Borrower can purchase a home again for the four major Mortgage Program over the next week. While Foreclosures and Short Sales have substantially decreased in many parts of the County, here in Connecticut and other parts of the Northeast we continue to see more than our fair share of them, so it is important to continue to stay up on Foreclosure and Short Sale guidelines. Fannie Mae Waiting Periods For Foreclosures And Short Sales.
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