Here are some updates in regards to Fannie Mae mortgages.
If you are in need of a short sale agent in the Fox Valley call me I can help.
In its Selling Guide Updates and Additional Guidance on Appraisal-Related Policies, Fannie Mae addresses many appraisal concerns raised by the National Association of Realtors (NAR). The guidance states that Fannie Mae requires lenders use appraisers with geographic competency. Further, the announcement states that appropriate communication with the appraiser is permitted under Home Valuation Code of Conduct (HVCC) and there is no requirement to use third party appraisal management companies (AMC). See Announcement SEL-2010-09 online at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf.
Additional guidance is offered by Fannie Mae for the use of short sales and foreclosures as comparable sales. The appraiser is responsible for determining which comparables are appropriate for the appraisal report and must account for all factors that affect value when completing the analysis. According to the guidance, the appraiser may use a short sale or foreclosure as a comparable but must identify and consider differences from the subject property and cannot assume the properties are equal.
Fannie Mae has also announced policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure (some exceptions are made for borrowers with extenuating circumstances). See the news release at http://www.fanniemae.com/newsreleases/2010/5071.jhtml.
Troubled borrowers who cooperatively work with their servicers can be considered for loan modifications, a short sales or a deeds-in-lieu of foreclosure. A borrower with extenuating circumstances who works with their servicer could be eligible for a new mortgage loan in two to three years. See Announcement SEL-2010-05 at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1005.pdf
Appleton WI Fox Valley-Fox Cities Real EstateÂ Expert
Call or Text Me at 920-810-7234
Use these handy shortcuts below to see what is currently for sale in your area!
Â APPLETONÂ FOND DU LACÂ Â Â Â Â LITTLE CHUTEÂ KIMBERLYÂ Â GREENVILLEÂ Â DE PEREÂ Â KAUKAUNAÂ Â Â GREEN BAYÂ Â Â MENASHAÂ Â Â SEYMOURÂ Â Â NEW LONDONÂ Â SHERWOODÂ Â Â OSHKOSHÂ Â Â COMBINED LOCKSÂ Â NEENAHÂ Â Â FREEDOMÂ Â STOCKBRIDGEÂ Â Â SHIOCTONÂ Â N FOND DU LAC Â Â CLINTONVILLEÂ Â Â MARIONÂ Â BLACK CREEKÂ Â Â WINNECONNEÂ Â CHILTONÂ ONEIDAÂ Â Â HILBERTÂ