FANNIE MAE FORECLOSURES NY MAC

They must have an eligible hardship, such as divorce or separation, a death of a borrower or primary wage earner, long-term or permanent disability, or employment transfer or relocation.

FANNIE MAE FORECLOSURES NY MAC

To be eligible for a Freddie Mac short sale, the Borrower must be current with their mortgage obligations or less than thirty-one (31) days delinquent if they occupy the premises as their primary residence. The Federal Home Loan Mortgage Corporation, often referred to as Freddie Mac or FHLMC, also offers its own short sale programs for its borrowers. Moreover, you can begin repairing your credit far sooner than if the foreclosure was completed, and you will be able to qualify for another Fannie Mae mortgage in as little as two (2) years, as opposed to seven (7) years if the foreclosure were completed. In addition, you will be eligible for up to three thousand dollars ($3,000) for relocation assistance. If you are approved by Fannie Mae for a short sale, you will have no further liability for any deficiency, following the consumption of the sale. has been unable to sell the home at a price sufficient to fully pay and satisfy the mortgage indebtedness, because it exceeds the value of the home.is ineligible to refinance or modify the mortgage, and.is no longer able to afford to continue making mortgage payments,.The Federal National Mortgage Association, often referred to as Fannie Mae or FNMA, offers a short sale program for any mortgages it owns where the вЂњ Borrower вЂќ is facing the following: In this article, we discuss some of the requirements and provisions of the Fannie Mae and Freddie Mac short sales.

In our last article, we discussed the different types of short sales available and some of the details of the HAFA short sale program, in particular.

Fannie mae foreclosures ny