FHA, for example, has a three year mandatory waiting period after the recorded date of foreclosure, deed in lieu of foreclosure, short sale. FHA treats Mortgage After housing events differently than Fannie Mae Guidelines On Mortgage After Foreclosure. Mortgage Guidelines After Bankruptcy and/or ForeclosureĪll mortgage programs have their own mortgage guidelines in qualification requirements after foreclosure and deed in lieu of foreclosure for homebuyers to qualify. Government Loans (FHA, VA, USDA) classify foreclosure, deed in lieu, and short sale the same with regards to waiting period requirements.
#Fannie mae foreclosures 2000 commercial mac
Fannie Mae and Freddie Mac treat Deed In Lieu Of Foreclosure and Foreclosure differently, unlike government loans. There are new Fannie Mae Guidelines On Mortgage After Foreclosure in qualifying for a conventional loan. How Does Fannie Mae Differentiate Foreclosure Versus Deed In Lieu Of Foreclosure
Both government loans and conventional loans have a waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale. In order for Fannie/Freddie to purchase these loans, they need to conform to Fannie/Freddie mortgage guidelines. Once they fund conventional loans, these loans are packaged up and sold on the secondary market to Fannie Mae and Freddie Mac. How Mortgages Are Sold On The Secondary Market After It Funds However, banks and mortgage companies originate and fund conventional loans. No government entity insures conventional loans. Private lenders originate and fund both government and conventional loans. Government Loans are insured and guaranteed by the above government agencies in the event borrowers of these loans default and the property goes into foreclosure.
The note becomes permanently converted into a piece of stock and is treated as stock and governed as stock under the SEC.The note and the stock can never exist at the same time because this is a form of securities fraud.įannie Mae does not own my mortgage because the mortgage secures the promissory note, and once the promissory note is destroyed, the mortgage secures nothing. Once placed in a REMIC, it becomes securitized and the mortgage and note do not stay together. What Fannie Mae does is buy mortgages and then places it into a REMIC. This is funny because Fannie Mae by their own admission admits they do not originate or service mortgages. I got a letter in the mail a few days later where they are now claiming to be the "investor" of the loan and they claim to be the owner of my mortgage. I called Fannie Mae resource center to inquire about whether or not they own the loan and I was told they were not the owner of the loan. I used the Fannie Mae mortgage loan look up tool and the results show that Fannie Mae is not the owner of my loan.
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