April 17th, 2008 8:17 PM by Uletas Greene Carter
Fannie Mae has a warning for those planning to walk away from their mortgages.
Homeowners facing foreclosure will be unable to obtain a loan for up to five years through Fannie Mae, unless there is documented extenuating circumstances in which those borrowers would have to wait up to three years for a new mortgage.
If your home does end up in foreclosure, in order to get a new mortgage loan, you will need to come up with a 10 percent down payment and your FICO score must be 680 or higher after waiting three to five years.
If you are facing foreclosure there are programs that the U.S. government has set in place to help you save your home from foreclosure.
Foreclosure should be your last option.
For more information on preventing foreclosure, please call me today at 213-804-3368 or visit my website www.uletas4realestate.com