New foreclosure rules as of 4/30/08
I read an interesting post today on reinfoandresources.blogspot.com.
Read this summary:
We just got word that the market will tighten a little more…not surprising in this “pendulum financing” reactionary market!
According to American Banker, as of the end of April Fannie Mae will adopt higher minimum down payments and credit scores for borrowers with a past foreclosure. They’ve already changed the minimum time period from four to five years for borrowers to re-establish their creditworthiness for those who have had a foreclosure. Some exceptions may be made for hardship, but don’t count on leniency from the government. They’re are hard-pressed as the rest of us. They’re stretched to the limit…and beyond!
The plan is to be to treat those who “walked away” from their homes differently than those who have the ability to meet their obligations. The government wants to make it more difficult for those borrowers who made no attempt to meet their financial obligations. Not a bad idea!
The other change in […]
Check out the rest of this story here.
