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  • May 22, 2010 at 5:59 PM #17482
    HLS
    Participant

    Many people who are fighting foreclosure/short sale are worried about not being able to buy another house.

    To be able to get a new purchase loan, Fannie/Freddie raised the waiting period from 3 to 4/5 years a while ago.

    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)

    They are now one step closer IF you do a deed in lieu OR a short sale:

    Fannie Mae has announced it is reducing the wait time for some borrowers between when they complete a short sale or deed-in-lieu of foreclosure transaction and when they can obtain a new home loan.

    Previously, a borrower was required to wait four years before getting a new home loan, or two years if their home sold in a short sale.

    Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure transaction can get a new home loan in two years, provided the borrower has a 20% down payment. If the borrower has a 10% down payment, the wait period is still four years.

    In some circumstances, the wait period can be reduced to two years with a 10% down payment for deed-in-lieu of foreclosure, but not for short sales.

    Fannie Mae’s Desktop Underwriter (DU) origination software will be updated in June to reflect the new deed-in-lieu of foreclosure policy, but not short sales, as the software cannot at this time determine whether a borrower participated in a short sale.

    Originators are required to manually underwrite home loans after the waiting period if the borrower previously completed a short sale. This new policy is effective for manually underwritten loans with application dates beginning July 1, 2010.
    *******************************************
    They have not lifted the restriction on a full foreclosure yet(it’s still 5 years) but I think it will be coming.. HLS

    May 23, 2010 at 10:35 AM #553077
    briansd1
    Guest

    [quote=HLS]
    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)
    [/quote]

    I very much agree with your assessment.

    May 23, 2010 at 10:35 AM #553183
    briansd1
    Guest

    [quote=HLS]
    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)
    [/quote]

    I very much agree with your assessment.

    May 23, 2010 at 10:35 AM #553671
    briansd1
    Guest

    [quote=HLS]
    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)
    [/quote]

    I very much agree with your assessment.

    May 23, 2010 at 10:35 AM #553769
    briansd1
    Guest

    [quote=HLS]
    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)
    [/quote]

    I very much agree with your assessment.

    May 23, 2010 at 10:35 AM #554045
    briansd1
    Guest

    [quote=HLS]
    I have told people two things.
    1. The sooner you go into FC/SS the sooner you will be able to buy your next house.
    2. Not to worry,F/F will ease the restriction once they realize that millions of people who lost a house want to buy another one and there are millions of homes available for sale. They move slowly. (They need more suckers for the Ponzi scheme, why not prey on the same victim twice!)
    [/quote]

    I very much agree with your assessment.

    May 23, 2010 at 8:09 PM #553207
    5yearwaiter
    Participant

    Couple of colleagues of my friend succeed in the shortsale process of their homes (bought 300K and sold 150k). After all this process they just got only lowered only 150 points of their credit score . With in one year they retained back already 100 points of their Credit scrole. Seems there isn’t much issue with SS and people are still in good shape after they did.

    May 23, 2010 at 8:09 PM #553312
    5yearwaiter
    Participant

    Couple of colleagues of my friend succeed in the shortsale process of their homes (bought 300K and sold 150k). After all this process they just got only lowered only 150 points of their credit score . With in one year they retained back already 100 points of their Credit scrole. Seems there isn’t much issue with SS and people are still in good shape after they did.

    May 23, 2010 at 8:09 PM #553801
    5yearwaiter
    Participant

    Couple of colleagues of my friend succeed in the shortsale process of their homes (bought 300K and sold 150k). After all this process they just got only lowered only 150 points of their credit score . With in one year they retained back already 100 points of their Credit scrole. Seems there isn’t much issue with SS and people are still in good shape after they did.

    May 23, 2010 at 8:09 PM #553900
    5yearwaiter
    Participant

    Couple of colleagues of my friend succeed in the shortsale process of their homes (bought 300K and sold 150k). After all this process they just got only lowered only 150 points of their credit score . With in one year they retained back already 100 points of their Credit scrole. Seems there isn’t much issue with SS and people are still in good shape after they did.

    May 23, 2010 at 8:09 PM #554175
    5yearwaiter
    Participant

    Couple of colleagues of my friend succeed in the shortsale process of their homes (bought 300K and sold 150k). After all this process they just got only lowered only 150 points of their credit score . With in one year they retained back already 100 points of their Credit scrole. Seems there isn’t much issue with SS and people are still in good shape after they did.

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