FNMA is changing the wait periods for Short Sales & Pre-Foreclosure Sales

 

 

Lost Creek in Dallas, GA

On new Applications submitted on or after August 16, 2014, FNMA’s new wait period for a Short Sale or Pre-Foreclosure sale is being updated to a four-year waiting period; though a two-year waiting period will be permitted if the event was due to extenuating circumstance (must be a major extenuating circumstance like death or a wage earner) and the loan complies with all other requirements.