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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Has Fannie Mae raised the limits they are willing to allow for 2nd lien holders from 6%?
(or did I dream that conversation?)
You need to be a member of Short Sale Superstars to add comments!
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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.
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.
Jill,
I believe it's 6% or 6,000 whichever is less.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389