FORECLOSURE VS. SHORT SALE
Homeowner Consequences
Future Fannie Mae Loan - Primary Residence (effective May 21, 2008)
A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae 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 or Investment
An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 7 years.
An Investor that successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage in 2 years
..... more consequences in upcoming blogs.
information supplied by The Distressed Property Institute, LLC. Paulette Blackwood Tate and Assoc. does not engaged in the practice of law nor give legal advice.
