Fannie Mae in another attempt to tighten its servicing belt has decided to release new servicing procedures that are only going to make it tougher for those homeowners who find themselves in an already tough position. Starting as of this month they have increased their precautionary measures for properties that are hovering dangerously close to a foreclosure sale date. In fact at this time if there is a foreclosure sale date within 15-30 days, where it was once acceptable to set up an arrangement with 1 maybe 2 payments down payment, now a total of 25% of the total amount due including additional attorney’s fees and costs is necessary in order to find assistance.
Now to those that read our recent piece on Fannie Mae’s new guidelines toward foreclosure sales dates within 14 days where they are now asking for the total reinstatement this is to run concurrent with the other guidelines set out.
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