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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Did I mention... Posted by CC in OC on July 09, 2008 at 9:18 AM In Reply to: Go, Padres! posted by CC in OC on July 09, 2008 at 9:06 AM ...that seasoning is now two years for short sale vs. five for foreclosure? Here's the link... https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf Here's the pertinent portion... Establishing a new policy for preforeclosure [short] sales. A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action. What does this mean for REO and Trustee Sale investors who are waiting for a tsunami of properties in foreclosure? This new policy will make it far more likely that the property won't end up on the courthouse steps. There's significant benefit to the distressed homeowner to short sale. I predict that's how the majority of defaults will be handled. Latest scuttlebutt is that Fannie/Freddie are now approving SS at 80-82% of BPO. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : ...that seasoning is now two years for short sale vs. five for foreclosure? : Here's the link... : https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf : Here's the pertinent portion... : Establishing a new policy for preforeclosure [short] sales. A preforeclosure sale involves the : sale of the property by the borrower to a third party for less than the amount owed to : satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage : insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is : establishing a 2-year elapsed time period for reestablishing credit following completion : of the action. : What does this mean for REO and Trustee Sale investors who are waiting for a tsunami of properties in foreclosure? This new policy will make it far more likely that the property won't end up on the courthouse steps. There's significant benefit to the distressed homeowner to short sale. I predict that's how the majority of defaults will be handled. Latest scuttlebutt is that Fannie/Freddie are now approving SS at 80-82% of BPO. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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