On April 14^th, there was a big announcement by Fannie Mae in an effort to support overall market stability and to certainly reinforce the importance of borrowers to work with their lenders when they have difficulty repaying their mortgage. Fannie Mae has updated several policies that pertain specifically to the future eligibility of borrowers to obtain a new mortgage loan after a short sale. Fannie Mae has also updated the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event. You can read about how these changes affect you if you are pursuing a short sale by clicking here.

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