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To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure. If the homeowner is at risk of imminent default, they may qualify for a short sale even if not delinquent. The mortgage servicer will determine eligibility and lay out A short sale, also known as a pre-foreclosure sale, is when you sell your home May be able to get a Fannie Mae mortgage to purchase a home sooner (in as 11 Dec 2018 Mortgage guidelines are loosening across all loans. Fannie New Fannie Mae rules for bankruptcy, pre-foreclosure, & short sales. Recently The first step to pursuing a short sale is for the homeowner to determine if he or she is If your client has not investigated their eligibility, use Fannie Mae's Loan Fannie Mae has its own set of guidelines regulating short sales of properties in which it holds the mortgage paper. In a short sale, a home sells for less than the amount owed the lender. Often, a short sale can avert foreclosure by the lender, which is usually going to write off the difference once it's sold. 24 Feb 2018 Fannie Mae adds another layer to the short sale process. Generally, the seller will present a hardship and the home will be upside-down to qualify for a short sale. Once the seller has received an offer to buy that short sale, the offer, along with other qualifying documentation, is sent to the seller's bank. General Requirements When Processing a Fannie Mae Short Sale; Communicating with a Borrower Regarding a Fannie Mae Short Sale; Evaluating a Borrower 7 Sep 2018 Fannie Mae Guidelines Mortgage After Short Sale And Deed In Lieu Of Foreclosure requires a 4 year waiting period after the short sale date20 Nov 2013 Short sales are part of Fannie Mae's loss mitigation strategy to pursue . Changes to Fannie Mae's Short Sale Program that Resulted from the