#Fannie mae foreclosures phone number mac

Government Loans (FHA, VA, USDA) classify foreclosure, deed in lieu, and short sale the same with regards to waiting period requirements.

#Fannie mae foreclosures phone number mac

Fannie Mae and Freddie Mac treat Deed In Lieu Of Foreclosure and Foreclosure differently, unlike government loans. There are new Fannie Mae Guidelines On Mortgage After Foreclosure in qualifying for a conventional loan. How Does Fannie Mae Differentiate Foreclosure Versus Deed In Lieu Of Foreclosure Both government loans and conventional loans have a waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale. In order for Fannie/Freddie to purchase these loans, they need to conform to Fannie/Freddie mortgage guidelines. Once they fund conventional loans, these loans are packaged up and sold on the secondary market to Fannie Mae and Freddie Mac. How Mortgages Are Sold On The Secondary Market After It Funds

However, banks and mortgage companies originate and fund conventional loans. No government entity insures conventional loans. Private lenders originate and fund both government and conventional loans. Government Loans are insured and guaranteed by the above government agencies in the event borrowers of these loans default and the property goes into foreclosure. Waiting Period Mortgage Guidelines If You Had Mortgage Included In Bankruptcy.Government Versus Fannie Mae Guidelines On Mortgage Part Of Chapter 7 Bankruptcy.Fannie Mae Guidelines On Mortgage Part Of Bankruptcy.Mortgage Guidelines On Waiting Period After Foreclosure Versus Deed In Lieu Of Foreclosure.When Does The Waiting Period Start After Short Sale.Waiting Period Start Date Versus Property Surrender Date On A Housing Event.Mortgage Guidelines After Bankruptcy and/or Foreclosure.How Does Fannie Mae Differentiate Foreclosure Versus Deed In Lieu Of Foreclosure.How Mortgages Are Sold On The Secondary Market After It Funds.Government Versus Conventional Mortgages.To schedule a consultation, please call us at (312) 313-1613. We encourage you to speak with a Chicago bankruptcy attorney at Atlas Consumer Law about your options for regaining your financial footing and protecting your future. If you are facing foreclosure or are considering filing for bankruptcy, it is important that you know that you can start over much sooner than you think. Effective Bankruptcy & Foreclosure Defense in Chicago, IL They should then be prepared to draft a letter explaining their hardship and that since then, all financial obligations have been paid on-time. Examples of extenuating circumstances may include an illness, job loss, or divorce.Д«orrowers who wish to reapply for a loan should be prepared to provide documentation to prove their claim, which can include things like medical bills, job severance papers, a divorce decree, etc. This change allows flexibility for borrowers who can demonstrate that the above actions were due to extenuating circumstances, which Fannie Mae defines as situations that 1) occur one time only, 2) are beyond the borrowerвЂ™s control, and 3) result in a significant and prolonged reduction in income. It is important to compare rate quotes against FHA mortgage rates to ensure that you are getting the best deal. These circumstances can impact a credit score by 100 points or more, so keep in mind that just because you qualify for a conventional mortgage through Fannie Mae does not necessarily mean it is the best option. This is one year longer than the FHAвЂ™s minimum waiting period through the FHA Back to Work program, in which certain borrowers are eligible to apply for a loan just 12 months after any of the following events: The mortgage-backer has reduced the mandatory waiting period for reapplying for a loan, which used to be four years, down to only two years with documentation of extenuating circumstances. New changes from Fannie Mae will make it easier for people to get approved for a mortgage after a bankruptcy, foreclosure, or short sale.