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007 - the information is outdated, Fannie Mae now requires 7 years on foreclosure unless it was due to an extenuating circumstance. They time requirement does not differentiate between a strategic default and being foreclosed/short selling for normal reasons... only differentiates if it's an extenuating circumstance (such as medical). At one point it was 5 years, but Fannie quickly changed their guidelines after that change.
To the OP, it is too late for this, but you probably should have tried for a loan modification instead of mediation. You don't have to go behind on your mortgage payments to get a loan modification either, read my blog entry at http://www.city-data.com/blogs/blog3...tgage-get.html about a past client of mine who was able to get it done without going late, while he was on an interest only ARM, with a bank you are extremely familiar with.
tex - if the lender already has the mortgage, it's being proactive to avoid future problems. That is what the OP was trying to do, addressing the issue now that would eventually come to light down the road. Chase has done this to select mortgage customers, not only converting an interest only or ARM loan into a fixed rate, but allowing principal reductions as well. Chase has even initiated the process without it's customers requesting it.
tex - if the lender already has the mortgage, it's being proactive to avoid future problems. That is what the OP was trying to do, addressing the issue now that would eventually come to light down the road. Chase has done this to select mortgage customers, not only converting an interest only or ARM loan into a fixed rate, but allowing principal reductions as well. Chase has even initiated the process without it's customers requesting it.
YOu aware of them doing it when the home is more than 50% under water?
That is pretty much the standard condition here. Got a condo at 24% of last sale.
I know they are doing it when the home is underwater, particularly in the Las Vegas market (I've heard of two separate people there who have Chase getting the offer), but I don't have exact specifics on how underwater each customer is when Chase is offers it. Condos have been very hard hit in Vegas I know, had a client who purchased theirs for $150k and when we had to do a CMA it came in about $55k.
I know they are doing it when the home is underwater, particularly in the Las Vegas market (I've heard of two separate people there who have Chase getting the offer), but I don't have exact specifics on how underwater each customer is when Chase is offers it. Condos have been very hard hit in Vegas I know, had a client who purchased theirs for $150k and when we had to do a CMA it came in about $55k.
All the anecdotes I know involve people with 15% or 20% underwater. I am flatly skeptical that anyone has done any principal reduction with the real numbers.
That is the problem here. What you hear in most of the country is irrelevant.
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