July 6th, 2010 7:01 PM by Dave Gubler
Fannie Mae, the government-controlled mortgage giant, announced on June 23 policy changes that will make you ineligible for a new Fannie-Mae-backed mortgage if you walk away from a current mortgage that you actually could afford to pay. The ineligibility will last for seven years from the date of foreclosure.
Make sure the agent representing you on your short sale is aware of this and accurately demonstrates to the lender that you are not able to afford your mortgage. Left to chance or inexperience this will come back to haunt many homeowners. The consequences of not addressing this well will increase the timeframe required for you to become a homeowner again from 2 years to 7 years.
Find out if Fannie Mae is the investor for your home loan: Fannie Mae Lookup
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Dave Gubler / IML Real Estate