Ellen Dittman's Blog (1)

New Fannie Mae guidelineswill not allow the secondlien holder to require a promissory note or agreement to pay back the moneyoutstanding, the second lien holder must release the difference

 

Appreciate your help or advice on this: Below is basic scenario involving PHH as the 1st (the 2nd is the problem).

I have a call in to Fannie Mae to get clarification on this "guideline" in order to gain some ground with the 2nd.

 

 

First mortgage PHH today stated that Fannie Mae recently changed their guidelines and now will not allow the secondlien holder to require a promissory note or agreement to pay back the moneyoutstanding, the second lien holder…

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Added by Ellen Dittman on April 25, 2012 at 8:58am — 3 Comments

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