Archive for the 'Deed-in-lieu of foreclosure' Category

Wait time halved for some distressed borrowers

April 19th, 2010

Written by Greg Frost

Great news for mortgage shoppers who have been hampered by a deed-in-lieu of foreclosure transaction–Fannie Mae is potentially cutting your hold time in half.

You’ll have to put 20 percent down, but if you can, Fannie says you don’t have to wait four years before getting a new mortgage as was previously required, but only two years. That should make homeownership a possibility again for a whole new group.

Here at Frost Mortgage, we’re always excited to see a new way to help borrowers, because our business isn’t just closing loans, but also opening doors. We’ve been doing just that since 1991, and we make it our specialty to understand all the ways we can help. So if you’ve been held back by a deed-in-lieu of foreclosure transaction and you’re wondering whether the new rules could help you, please call us today.

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