Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

FANNIE MAE ANNOUNCES NEW DEED-IN-LIEU PROCESS; NEW GUIDELINES FOR SHORT SALES; FHA FLIP RULE EXTENSION

FRONT BLD 639Fannie Mae announced a new deed-in-lieu process which is designed to help homeowner’s in trouble.  The surge in foreclosures and short sales has demanded a shift in how they do business and implementation of a new plan which will begin in March 2013.  It will essentially offer three alternatives for those looking for assistance.

Another new change, which will help streamline the short sale process, is that Fannie Mae no longer require servicers’ to obtain written approval when they want to postpone a foreclosure sale on a loan.   It will apply to loans which are more than 12 month’s delinquent as of the last paid installment date.

Investor’s will be happy to hear that the FHA 90-day flip rule has also been extended through 2014.   Check out Inman News for full story.

READ FULL STORY HEREhttp://www.housingwire.com/content/fannie-mae-announces-new-requirements-deed-lieu-process

INTERESTED IN SELLING YOUR CHICAGO HOME?  USE A CHICAGO REALTOR. 

Advertisements

December 4, 2012 - Posted by | REAL ESTATE NEWS | , , , , , , , , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: