Homeowner Eligibility:
- BEFORE
an offer is reviewed, a homeowner must be deemed eligible to participate
in Fannie Mae's short sale program
- Borrowers
who are 90 days or more delinquent AND who have a FICO score of less than
620 are automatically deemed eligible and do not have to supply hardship
documents
- Borrowers
who do not meet the above requirements must document a demonstrated
hardship by supplying the necessary financials and Fannie Mae forms
- Borrowers who are not behind on their payments can also be evaluated for eligibility if default is imminent
It is important to note that
even if we have an offer to submit, Fannie Mae requires that the borrower go
through the eligibility process before the offer is reviewed. Yes, the
eligibility process can be long and frustrating, gathering the necessary
documents, verifying financials, etc. And yes, going through this step
seems to delay having the offer reviewed, but it's the first step towards
having the offer reviewed so we ask that all parties have patience while we work
to complete step one!
PS: So far these new
policies have not resulted in any changes regarding submitting the financial
info to the Short Sale lender. We can only hope that something Fannie
Mae creates will actually result in streamlining of the process.
PSS: Tucker's Tips will
take a short break next week. Enjoy the summer.
William D. Tucker,
III
No comments:
Post a Comment