Fannie Mae’s New Rules Could Impact Las Vegas Short Sales
ByFannie Mae has announced some new rules that will affect our Las Vegas Short Sale market. 
The new stipulation is that homeowners who can make their mortgage payments but choose to do a strategic default will have to wait 7 years until they can apply for a new Fannie Mae loan. This is a change from the two year waiting period that was previously in place.
It has been estimated that almost 75% of all Las Vegas homeowners are under water, in other words they owe more on their homes than they are worth. Furthermore, Fannie Mae has also announced that they will pursue all deficiencies allowed by law, and Nevada is a recourse state. For more information on deficiency judgments and other common questions, read these posts:
Short Sales vs. Foreclosures in Nevada – Answers to Common Questions
Protecting the Short Sale Seller in the Purchase Agreement
If you would like to know what your options are, please contact us, we are Certified Short Sale Professionals with a team of experienced Las Vegas real estate agents, short sale negiotiators and attorneys who can help.
Call Kathryn at 702-348-7191.
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This is HUGE. I’m from Reno and I wonder if this is going to happen to us too..
“The new stipulation is that homeowners who can make their mortgage payments but choose to do a strategic default will have to wait 7 years until they can apply for a new Fannie Mae loan. This is a change from the two year waiting period that was previously in place.”
Im not totally against it. I think it will discipline more people. But the effect in the short sale business will surely be felt.
Thanks for the really helpful heads up.
-Joe
Great perspective!
We actually posted a story in regards to this situation last month on http://www.dsnews.com. Here:
http://www.dsnews.com/articles/fannie-mae-intensifies-penalties-for-strategic-defaulters-2010-06-23
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