Borrowers facing foreclosure will be unable to obtain a loan for up to five years through the mortgage giant, unless there is "documented extenuating circumstances” in which those borrowers would have to wait up to 3 years for a new mortgage, according to a release by Fannie Mae.
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 3 to 5 years.
With home values decreasing dramatically in certain markets around the country, many homeowners owe more than what their property is worth. This has led to a number of websites claiming that for a small fee they will show you how to stay in your home for 8 months or more without making any mortgage payment.
If you are facing foreclosure there are programs out there such as Project Lifeline, Home Now and FHASecure that the US government has set in place. These programs have helped hundreds of thousands of homeowners save their home from foreclosure.
Fannie Mae wants it to be known that foreclosure should be your last option after you have exhausted all other possibilities.
For more information on government sponsored programs, the Fannie Mae warning and all other mortgage news visit Future Planning Financial at www.fpf-direct.com.
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