The South Coast Real Estate Round-Up

New Fannie Mae Directive to Lenders: Do Not Postpone Foreclosure if Vacant!

June 10th, 2010 7:50 PM by Christopher Terry

New Directive from Fannie Mae to Lenders: Do Not Postpone Foreclosure Date if Property is Vacant! 

What does this mean for homeowners? If a homeowner has a Fannie Mae loan, is in distress and attempting to sell their home in hopes of avoiding foreclosure, has moved out of the house, and the lender has scheduled a foreclosure date the likely hood of getting that date postponed is going to be very difficult because of this new directive.

Believe it or not this is more common than you might think. Homeowners in distress often move out prior to a final determination of their property.

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Posted by Christopher Terry on June 10th, 2010 7:50 PM


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