Has Fannie Mae raised the limits they are willing to allow for 2nd lien holders from 6%?

(or did I dream that conversation?)

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       I believe it's 6% or 6,000 whichever is less.

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From FNMA:

Fannie Mae will also limit subordinate-lien payments to $6,000.  Previously, subordinate lien holders often attempted to negotiate higher payments.  The servicer will be able to offer the maximum payment of $6,000 in order to facilitate the transaction. By setting a standard payout amount and a limit for every transaction, Fannie Mae is removing the guess work and standardizing the transaction to help accelerate the short sale process.

What Bryant said.

Here is the Fannie Mae policy change announcement of November 1. I have seen first hand, though, they are not abiding by their stated policies.



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