Did Fannie Mae run afoul of California’s short sale laws?

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Fannie Mae Changes Conventional Loan guidelines - 4 year waiting after short sale Tampa Real Estate SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission said Tuesday that it will try to limit so-called "naked" short selling of shares in Fannie Mae. afoul of securities laws.

Fannie Mae and its servicers maybe broke the law in California when collecting contributions from borrowers on short sales, the office of the inspector general for the federal housing finance.

They told me that I did not qualify. I made two full payments, but my last payment was returned. Approximately one week later I received a notice from a law firm that I was in foreclosure with a sale.

Fannie Mae changed their short sale rules for conventional financing on August 16th. Until recently, buyers with a short sale and a 20% down payment were allowed to repurchase a home with conventional financing after only 2 years, but now Fannie Mae increased this to 4 years regardless of the size of the down payment.

Key Steps of a Fannie mae short sale Our site outlines the five key steps of the Fannie Mae short sale process. On our site, agents can simply click on Steps 1-5 to see the key requirements associated with each step or to access our escalation tools. We encourage agents to follow the steps in order with their clients.

Did Fannie Mae run afoul of California’s short sale laws? (The other half did not meet various other underwriting guidelines.) WMC’s propriety technology prevents it from making loans that run afoul of the myriad state and local laws that can snare. value.

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Merging the two codes had significant adverse consequences, as consumers with a short sale were subject to a seven-year waiting period for another mortgage, rather than a two-year waiting period that normally applies to short sales. Despite Fannie Mae’s alleged misuse of the reported information, plaintiffs John Shaw, Kenneth Coke, and.

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