Advising Short Sale and Deed-in-Lieu Clients 2010. If you are working with a client who has had a short sale or a deed-in-lieu in their past…or you are listing a home and your sellers may have the same issues…Fannie announced new waiting periods, as of July 1, 2010, before being eligible for another loan. The waiting period is defined as “from the date of the pre-foreclosure to the date of application”.
•· Fannie defines ALL Pre - foreclosure events as any one of the following:
•o Deed-in-Lieu
•o Preforeclosure Sale
•o Short Sale
•· Full Foreclosure retains a 5 yr waiting period
New Waiting Period Requirements
Preforeclosure Event
Current Waiting Period Requirements
New Waiting Period Requirements
Deed-in-Lieu of Foreclosure
4 years
Additional requirements apply after 4 years up to 7 years
•· 2 years - 80% maximum LTV ratios
•· 4 years - 90% maximum LTV ratios
•· 7 years - Standard LTV ratios
Preforeclosure Sale
2 years
Short Sale
No specific policy currently exists
For extenuating circumstances, for all 3 event scenarios, it's a 2-year waiting time and 90% LTV.
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Serving customers in Venice Florida, South Venice, Osprey, Nokomis Florida, Casey Key, Manasota Key, Englewood Florida, Rotonda West and North Port communities. Call me to list your home for sale, answer questions regarding steps you can take to AVOID FORECLOSURE or answer any general questions you may have about real estate.
Contact me by email at Kari@KariBattaglia.com. Need information fast, call me direct at 941-270-1851. Copyright©2011 by Kari A. Battaglia. All Rights Reserved.
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