Tag Archives: Bankruptcy Foreclosure

Fannie Mae Updates Bankruptcy and Foreclosure Guidelines

The Fannie Mae Selling Guide has been updated to indicate that if a mortgage debt has been discharged through bankruptcy – even if a foreclosure action is subsequently completed to reclaim the property in satisfaction of the debt – anybody who wants to refinance or finance the purchase of real estate is held to the bankruptcy waiting periods and not the foreclosure waiting period.

In such a case, we will obtain documentation to verify that the mortgage debt in question was in fact discharged as part of the bankruptcy. We have helped many clients in this situation. Call 813-707-6200 if you’re interested in a home and are in this situation.