I was researching the latest bulletins from both Fannie Mae and Freddie Mac and the keys to both are 90 days delinquent and less than 620 credit score. What happens when a borrower is more than 90 days delinquent and has a credit score of less than 620?
- Borrowers are NOT REQUIRED (my emphasis) to make a cash contribution/promissory note
- Servicer is NOT REQUIRED (again my emphasis) to obtain or review the Borrower Response Package (aka short sale package)
Good news for folks looking to short sale their home. Any distressed borrowers who need help in Broward county or surrounding areas in Florida please contact me!
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