Foreclosure Vs Short Sale
By IRMA Beltran, Your Real Estate Agent 4 Life Always there 4 You!
(Century 21 M & M and Associates-Turlock homes Real Estate)
Issue Foreclosure Successful Short Sale Future Fannie Mae Loan: Primary Residence (effective May 21, 2008) A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years. Future Fannie Mae Loan: Non Primary Residence (effective May 21, 2008) An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed Investment mortgage for a period of 7 years. An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment...
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